Martin Shkreli Just Lost His Job

December 18th 2015

Kyle Jaeger

One day after FBI agents arrested former hedge fund manager Martin Shkreli on charges of securities fraud, Turing Pharmaceuticals—the drug company that he founded in February—announced that Shkreli had resigned as CEO.

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Ron Tilles, Turing's chairman of the board, was named the interim CEO and said in a statement that "[w]e wish to thank Martin for helping us build Turing Pharmaceuticals into the dynamic research focused company it is today, and wish him the best in his future endeavors."

"At the same time, I am very excited about the opportunity to guide Turing Pharmaceuticals forward," Tilles said. "We remain committed to ensuring that all patients have ready and affordable access to Daraprim and Vecamyl."

Shkreli came under fire during his time at Turing for raising the price of a lifesaving drug, Daraprim, from $13.50 to $750 per pill. He vowed to lower the price but later changed his mind, earning him a reviled reputation on the internet.

Martin Shkreli's arrest proves karma's a b*tch.

Posted by ATTN: on Thursday, December 17, 2015

He was arrested on Thursday morning at his Manhattan apartment and pleaded not guilty to charges of securities fraud. The pharmaceutical executive has been under investigation by the Securities and Exchange Commission and FBI for orchestrating a Ponzi-like scheme dating back to his tenure as a hedge fund manager. Shkreli made $5 million bail and wrote on Twitter that he was home, thanking his supporters.

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