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Martin Shkreli arrested for fraud, released on $5 million bail

FBI confirms they haven’t seized the Wu-Tang album ~prayer hands emoji~

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He’s already had a controversial week but Martin Shkreli’s unpopularity in the public eye just got another boost, as he was arrested in New York over a suspected $11 million in securities fraud. According to US Attorney for the Eastern District of New York Robert Capers, “His plots were matched only by efforts to conceal the fraud, which led him to operate his companies, including a publicly traded company, as a Ponzi scheme, where he used the assets of the new entity to pay off debts from the old entity.”

Shkreli plead not guilty to seven charges and was released on $5 million bail—it’s been reported he’s handed in his passport and is under house arrest. This is probably not great news for rapper Bobby Shmurda, whom the pharmaceutical CEO had wanted to bail out of prison over the last couple of days. Despite this, Shkreli hasn’t been exactly the world’s favourite person having scooped the $2 million Wu-Tang album last week, and increasing the price of the drug Daraprim a couple of months ago.

Of course, this means the internet had a few things to say, even the FBI got in on the action, dashing all hopes that Once Upon a Time in Shaolin might be returned to the public realm.

[Via ABC & New York magazine]

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