Criminal investigation

Infamous 'pharma bro' Martin Shkreli resigns from Turing Pharmaceuticals

Mr Shkreli, a former hedge fund manager, founded Turing earlier this year and gained notoriety when he massively increased the price of a 62-year-old drug used to treat an infection that affects cancer and HIV patients. The 32-year-old chief executive stubbornly and very publicly defended the controversial price hike as a good business practice and was adamant that no patient would suffer.

The factors that led to Mr Shkreli's arrest Thursday had nothing to do with Turing, but a previous biotech company, Retrophin. Mr Shkreli founded that company in 2011, and was replaced by its board of directors last year. According to federal prosecutors, he lied to investors and used transactions at Retrophin to cover bad bets at his hedge funds.