Turing CEO Martin Shkreli in custody after securities probe
Martin Shkreli, the former hedge fund manager under fire for buying a pharmaceutical company and ratcheting up the price of a life-saving drug, is in custody following a securities probe not directly related to those actions.
A seven-count indictment unsealed in Brooklyn Federal Court Thursday charged Shkreli with conspiracy to commit securities fraud, conspiracy to commit wire fraud and securities fraud. A second defendant, attorney Evan Greebel, of Scarsdale, N.Y., was charged with conspiracy to commit wire fraud. It was not immediately clear who will represent Greebel in court.
The indictment said the men, along with others, orchestrated three interrelated fraud schemes from September 2009 through September 2014. It said they fraudulently induced investors to invest in two separate funds and misappropriated the assets of a publicly traded pharmaceutical company, Retrophine Inc., to satisfy Shkreli’s personal and unrelated professional debt obligations.