Politics

Arrested drug exec involved in Ponzi-like scheme, feds say

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Controversial drug executive Martin Shkreli engaged in activities similar to a "ponzi scheme" to defraud investors in a hedge fund and used assets from one of his companies as a "personal piggy bank," according to federal law-enforcement officials.

The FBI arrested Shkreli, the 32-year-old CEO of Turing Pharmaceuticals, on Thursday morning for seven counts of wire and securities fraud.

The charges aren't related to Shkreli's 5,000 percent price hike of the anti-parasite drug Daraprim, which caused outrage in Congress and prompted him to be named the "most hated man in healthcare."

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