One day after his arrest for securities fraud,Martin Shkrelihas resigned as chief executive officer of Turing Pharmaceuticals.
Shkreli will be replaced on a protemp basis by Ron Tilles, a chariman of Turing. We wish to thank Martin for helping us build Turing Pharmaceuticals into the dynamic research focused company it is today, and wish him the best in his future endeavors,” Tilles said.
Shkreli joins the Rogues Gallery of Wall Street.
The controversial and reviled Shkreli maintained his innocenceafter his Thursday, December 17 arrest and has been freed on a $5 million bond. He is accused of repeatedly losing money for investors, lying about his losses, and illegally taking assets from one of his companies to pay off debtors, according to Bloomberg.
Shkreli essentially ran his company like a Ponzi scheme where he used each subsequent company to pay off defrauded investors from the prior company, said Brooklyn U.S. Attorney Robert Capers at a press conference.
Attorney Evan Greebel was also arrested for helping Shkreli for allegedly profits from a hedge fund the 32-year old Shkreli ran a few years ago. Greebel pleadednot guilty and has been freed on a $1 million bond.
