Martin Shkreli resigns as CEO of Turing Pharmaceuticals after being charged with securities fraud - Action News
Home WebMail Friday, November 22, 2024, 10:34 AM | Calgary | -10.8°C | Regions Advertise Login | Our platform is in maintenance mode. Some URLs may not be available. |
Business

Martin Shkreli resigns as CEO of Turing Pharmaceuticals after being charged with securities fraud

Controversial Turing Pharmaceuticals CEO Martin Shkreli, who was charged Thursday with securities fraud, has resigned his position and will be replaced, in the interim, by board chairman Ron Tilles.
Martin Shkreli exits federal court in New York, U.S., on Thursday, a day before he resigned as CEO of Turing Pharmaceuticals. He was arrested on alleged securities fraud related to Retrophin Inc., a biotech firm he founded in 2011. (Bloomberg)

Turing Pharmaceuticals CEO Martin Shkreli, who was charged Thursdaywith securities fraud, has resigned his position.

The company saidboardchairman RonTilleshas been named interim CEO.

Shkreli was arrested in New York City and charged with securities fraudrelated tohis former hedge fund and a drug company he once ran.

A seven-count indictment unsealed in Brooklyn Federal Court chargedShkreli with:

  • Conspiracy to commit securities fraud.
  • Conspiracy to commit wire fraud.
  • Securities fraud.

He has pleaded not guilty to the charges.

The allegations againstShkrelion Thursdayhave nothing to do with the price-gouging accusations that turned him into a poster boy for corporate greed back in September.

Shkreliwas widely attackedwhen he jacked up the price of Daraprim, a potentially life-savinganti-parasiticdrugtreatment, from $13.50 US a pill to $750.