Arrested: Tycoon who enraged the world by raising price of drug by 5,000%

Entrepreneur Martin Shkreli - who jacked up the price of a life-saving drug by 5,000% - has been arrested by the FBI. The 32-year-old was held on suspicion of securities fraud relating to his former hedge fund and a drug company he previously headed. Prosecutors in Brooklyn charged him with illegally taking stock from Retrophin, a biotechnology firm he started in 2011, and using it to pay off debts from another business. A New York lawyer, Evan Greebel, was also arrested on Thursday and is accused of conspiring with Shkreli in part of the scheme.

The $65 million Retrophin wants from me would not dent me. I feel great. I’m licking my chops over the suits I’m going to file against them.

Martin Shkreli shrugs off an earlier threat of legal action against him

Shkreli, 32, gained notoriety in September when his start-up company bought the right to Daraprim and then bumped up the price from $13.50 to $750. Daraprim, is a six decades-old drug mainly used to treat people who have toxoplasmosis, a potentially deadly parasitic infection. But his arrest is unrelated to the drug pricing row or his current company Turing Pharmaceuticals. Shkreli was in the news again earlier this month when it emerged that he had purchased a single copy of a one-off Wu-Tang Clan album for $2m (£1.3m).

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