The internet is going to be doing some major rejoicing today because 32-year-old Martin Shkreli — former hedge fund bro turned pharmaceutical entrepreneur who notoriously jacked up the price of a life-saving drug used to treat AIDS and cancer patients from $13.50 to $750 per pill, and later further infuriated the internet by paying millions to own the one-and-only copy of a Wu-Tang Clan album — has been arrested on securities fraud charges.
The charges actually have nothing to do with the pharmaceutical price jacking, however, as Shkreli was taken into custody at his midtown Manhattan apartment Thursday morning (lol) accused of illegally taking stock from his former biotechnology firm Retrophin, Inc. and using it as his own personal piggy bank (where have we heard this before?) to pay off the debts of investors who lost money at his hedge fund MSMB.
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