Martin Shkreli resigns from Turing after arrest for securities fraud
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.
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