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

by Everett Rosenfeld, CNBC /
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

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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.

Ex-Pharma CEO Shkreli's Twitter Account Hacked

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.

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