Shkreli resigns as Turing CEO after arrest

Shkreli resigns as Turing CEO after arrest
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The drug company CEO blasted as a poster boy for price-gouging has resigned as the head of Turing Pharmaceuticals, the company announced Friday.

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Martin Shkreli’s exit from the company was announced one day after he was arrested by federal authorities on securities fraud charges.

“Shkreli essentially ran [Retrophin] like a Ponzi scheme,” U.S. Attorney Robert Capers said Thursday, according to CNN Money, adding that he used the company “as his personal piggy bank.”

Shkreli pleaded not guilty and was released on a $5 million bond.

The interim CEO will be Ron Tilles, who has been described as a “close personal associate” of Shrekli’s, according to SEC documents.

"We wish to thank Martin for helping us build Turing Pharmaceuticals into the dynamic research focused company it is today and we wish him the best in his future endeavors," the company wrote in a statement.

Turing's statement also hinted at the price-gouging scandal that made the company, and particularly Shkreli, a punching bag across the country.

The comapny decided to raise the costs of one of its drugs, which is used to treat parasitic infections in people with low immune systems like HIV patients, from $13.50 to $700 per pill overnight.

"We remain committed to ensuring that all patients have ready and affordable access to Daraprim and Vecamyl," the company said in its statement.