FBI arrests pharma boss who hiked price of HIV drug

FILE - In this Thursday, Oct. 1, 2015, file photo, activists hold signs containing the image of Turing Pharmaceuticals CEO Martin Shkreli in front the building that houses Turing's offices, in New York, during a protest highlighting pharmaceutical drug pricing. After weeks of criticism from patients, doctors and even other drugmakers for hiking a life-saving medicine's price more than fiftyfold, Turing Pharmaceuticals is reneging on its pledge to cut the $750-per-pill price. But a competitor's 99-cent capsule version is selling well. (AP Photo/Craig Ruttle, File)

The pharmaceutical company CEO who became infamous after hiking the price of an HIV drug from $13.50 to $750 a pill has been arrested by the FBI, CNBC has confirmed. The arrest of Martin Shkreli comes amid an investigation related to a hedge fund and drug company he once ran, Reuters reported.

Shkreli, 32, who was taken into custody at his New York City residence, is currently the boss of Turing Pharmaceuticals. He was previously the manager of hedge fund MSMB Capital Management and chief executive of biopharmaceutical company Retrophin Inc.

Details of the charges were not immediately available.

Shkreli this year became a lightning rod for growing outrage over the soaring prices of prescription drugs.

He announced in September that he was jacking up the price of Daraprim, stoking outrage. Headlines called him the “most hated man in America.” The backlash led the privately held company to say last month it was cutting the cost of the drug.

Shkreli was also unmasked this month as the person who reportedly paid $2 million for the only copy of the new Wu-Tang Clan album, “Once Upon a Time in Shaolin.”

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