Turing Pharmaceuticals and KaloBios Pharmaceuticals CEO Martin Shkreli Arrested

Martin Shkreli, CEO of Turing Pharmaceuticals and KaloBios Pharmaceuticals (NASDAQ:KBIO), was arrested and then freed on a $5 million bond.
According to Bloomberg:

While the 32-year-old has earned a rare level of infamy for his brazenness in business and his personal life, what he was charged with had nothing to do with skyrocketing drug prices. He is accused of repeatedly losing money for investors and lying to them about it, illegally taking assets from one of his companies to pay off debtors in another.
“Shkreli essentially ran his company like a Ponzi scheme where he used each subsequent company to pay off defrauded investors from the prior company,” Brooklyn U.S. Attorney Robert Capers said at a press conference.
Agents of the Federal Bureau of Investigation arrested Shkreli at his Midtown Manhattan apartment at about 6:30 a.m. and forced him to walk through a gaggle of photographers outside FBI headquarters.

Click here to read the full press release.