Turing Pharmaceutical CEO Martin Shkreli was arrested by the FBI following an investigation involving his former hedge fund and another pharmaceutical company he recently headed.
Shkreli, 32, was seen being taken into custody by the FBI at his Murray Hill Tower Apartments in New York City on Dec. 17, Reuters reported. His former counsel, Evan Greebel, was also arrested and charged in the federal indictment, FBI spokeswoman Kelly Langmesser confirmed.
Shkreli made headlines in September when he raised the price of a drug called Daraprim from $13.50 a pill to $750 overnight, CNNMoney reported at the time. The pill is used to treat AIDS patients and others with compromised immune systems.
After the price gouging made national headlines, Shkreli was dubbed the "most hated man in America."
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The controversy also sparked an investigation by the New York State attorney general for antitrust concerns.
A separate investigation of Shkreli’s time as manager of hedge fund MSMB Capital Management and CEO of biopharmaceutical company Retrophin Inc. was also in the works.
Shkreli is accused of falsely representing MSMB to its investors in order to draw in more money, according to the indictment, which was obtained by Reuters. He is also accused of using Retrophin assets to pay off debts after MSMB lost millions of dollars
Retrophin, which was founded in 2012, sued Shkreli in August for $65 million, alleging that Shkreli used his control over the company to enrich himself and pay debts he owed to MSMB, which closed that same year. He was fired from Retrophin in September 2014.
Shkreli has denied all these allegations.
Brooklyn U.S. Attorney Robert Capers planned a press conference with the FBI and U.S. Securities Exchange Commission to formally announce the charges at noon EST on Dec. 17.