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 Thursday with securities fraud, has resigned his position.

The company said board chairman Ron Tilles has been named interim CEO.

Shkreli was arrested in New York City and charged with securities fraud related to his former hedge fund and a drug company he once ran.

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

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

He has pleaded not guilty to the charges.

The allegations against Shkreli on Thursday have nothing to do with the price-gouging accusations that turned him into a poster boy for corporate greed back in September. 

Shkreli was widely attacked when he jacked up the price of Daraprim, a potentially life-saving anti-parasitic drug treatment, from $13.50 US a pill to $750.

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