Turing CEO Martin Shkreli in custody after securities probe

NEW YORK -- Martin Shkreli, the former hedge fund manager under fire for buying a pharmaceutical company and ratcheting up the price of a life-saving drug, is in custody following a securities probe.

See Full Article

Calls to an attorney who has represented Shkreli in the past were not immediately returned. His arrest was confirmed Thursday by FBI spokeswoman Kelly Langmesser.

Shkreli stirred public outrage earlier this fall when his company, Turing Pharmaceuticals jacked the price of a drug used to treat a life-threatening infection by more than 5,000 per cent. Turing raised the price on Daraprim, a 62-year-old drug whose patent expired decades ago, from $13.50 to $750 per pill. The drug is the only approved treatment for a rare parasitic infection called toxoplasmosis that mainly strikes pregnant women, cancer patients and AIDS patients.

Shkreli said the company would cut the drug's price. Last month, however, Turing reneged on its pledge. Instead, the company is reducing what it charges hospitals for Daraprim by as much as 50 per cent. Most patients' copayments will be capped at $10 or less a month. But insurance companies will be stuck with the bulk of the tab, potentially driving up future treatment and insurance costs.

Turing, with offices in New York and Switzerland, bought U.S. rights to sell Daraprim in August, when it had no competition. Daraprim is one of numerous old drugs with limited competition whose makers have raised prices sharply.

Rising pharmaceutical prices has become a topic in the upcoming U.S. presidential race.



Advertisements

Latest Canada & World News

  • Scaramucci accuses Priebus of being leaker: He's a 'f---ing paranoid schizophrenic' [Video]

    World News Toronto Sun
    WASHINGTON — New White House communications director Anthony Scaramucci went after chief of staff Reince Priebus Thursday as a suspected “leaker” within the West Wing in a pull-no-punches interview that laid bare the personality clashes and internal turmoil of Donald Trump’s presidency. Source
  • Woman sought in Calgary quadruple homicide taken into custody in Toronto

    Canada News CTV News
    Calgary police say a woman they've been seeking in a quadruple homicide earlier this month has been taken into custody in Toronto. Yu Chieh Liao, who goes by Diana Liao, is considered a person of interest in killings police have described as brutal and ruthless. Source
  • Thrill ride OK’d hours before deadly state fair accident [Video]

    World News Toronto Sun
    COLUMBUS, Ohio — Inspectors repeatedly looked over a thrill ride while it was assembled at the Ohio State Fair and signed off on it hours before it flew apart in a deadly accident that flung passengers through the air, according to authorities and records released Thursday. Source
  • FBI: Utah man says he killed wife because she laughed at him

    World News Toronto Sun
    ANCHORAGE, Alaska — A Utah man killed his wife aboard an Alaska cruise ship and told an acquaintance who later walked into the couple’s blood-splattered room that he did it because she laughed at him, the FBI said in documents released Thursday. Source
  • RCMP to review investigation into death of woman who plunged down hotel chute

    Canada News CTV News
    REGINA - The RCMP is now reviewing the Regina police department's investigation into the death of a 29-year-old who plunged 10 stories down a hotel laundry chute. Regina police spokeswoman Elizabeth Popowich says in an email that Chief Evan Bray made a public commitment to the family of Nadine Machiskinic that his department would welcome an independent review. Source
  • Trans-rights activist Morgane Oger on Trump’s ban, her own experience

    Canada News CTV News
    After U.S. President Donald Trump tweeted that transgender Americans were no longer allowed to serve in the military, there was an outpouring of support for transgender rights and anger among activists. “What a coward. Source
  • Women accused of poisoning North Korea's Kim Jong-nam arrive at Malaysia court

    World News CBC News
    In this combination of March 1, 2017, file photos, Indonesian suspect Siti Aisyah, left, of Indonesia, and Doan Thi Huong, of Vietnam, are escorted out of court by police officers in Sepang, Malaysia. Source
  • Thieves shut down oilfield lease site after causing $1-million damage: police

    Canada News Toronto Sun
    An oilfield site west of Edmonton had to be closed after thieves took copper wire and caused more than $1 million in damage, police said. Mounties estimate the thieves made off with about $200,000 worth of copper wire from the Obsidian Energy site near Cynthia, a town about 150 km west of Edmonton, after breaking in at around 3:30 a.m. Source
  • U.S. orders diplomats' families to leave Venezuelan capital

    World News CTV News
    Venezuela's President Nicolas Maduro waves the Venezeulan flag during a rally in Caracas, Venezuela, Thursday, July 27, 2017. (AP Photo/Ariana Cubillos) Source
  • MUHC looking into death of Indigenous woman who left hospital

    Canada News CTV News
    The McGilll University Health Centre (MUHC) is looking into the care given to an Indigenous woman who died two months after she was told it would cost more than $1,000 to see a doctor because she didn’t have a medical insurance card. Source