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Martin Shkreli Is Out as CEO of Another Biotech Company He Founded

Martin Shkreli, the poster boy for pharmaceutical price gouging, has been fired as CEO of another biotech company he founded.
Image: Martin  Shkreli charged with defrauding investors
Martin Shkreli, chief executive of Turing Pharmaceuticals, leaves a federal courthouse following an arraignment on charges of securities fraud in Brooklyn, New York, on Dec. 17.ANDREW GOMBERT / EPA

He was charged with securities fraud and conspiracy. Prosecutors say from 2009 to 2014, Shkreli lost some of his hedge fund investors' money through bad trades, then looted a pharmaceutical company where he was CEO for $11 million to pay back his disgruntled clients.

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Shkreli was already widely reviled because a different drug company he founded, Turing Pharmaceuticals, raised the price of a life-saving drug from $13.50 to $750 per pill. He resigned as the company's CEO on Friday.

—The Associated Press contributed to this report.