Martin Shkreli, 32, resigned as CEO of Turing Pharmaceuticals Friday following his arrest Thursday on charges of securities fraud; he was freed on a $5 million bond. Federal prosecutors accuse him of plundering Retrophin, a biopharmaceutical company that he once ran, and using it to "enrich himself" and pay off other investors.
"Shkreli essentially ran his company like a Ponzi scheme where he used each subsequent company to pay off defrauded investors from the prior company," Brooklyn U.S. Attorney Robert Capers said.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
A tall ship adventure in the MediterraneanThe Week Recommends Sailing aboard this schooner and exploring Portugal, Spain and Monaco is a 'magical' experience
-
How drone warfare worksThe Explainer From Ukraine to Iran, it has become clear that unmanned aircraft are rapidly revolutionising modern warfare
-
The tourist flood in the Mediterranean: can it be stemmed?Talking Point Finger-pointing at Airbnb or hotel owners obscures the root cause of overtourism in holiday hotspots: unmanageable demand
-
Economists fear US inflation data less reliablespeed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutinySpeed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress codespeed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirementspeed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff displaySpeed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
