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Reviled pharma villain Martin Shkreli has stepped down as CEO of Turing Pharmaceuticals after his arrest on federal fraud raps, according to a statement from the firm.
“We wish to thank Martin for helping us build Turing Pharmaceuticals into the dynamic research focused company it is today, and wish him the best in his future endeavors,” said a company rep.
Shkreli, who rocketed to infamy for hiking the prices of life-saving drugs and then reveling in the backlash, faces up to 20 years in prison for misappropriating $11 million, prosecutors said in Brooklyn federal court.
The feds charged the Sheepshead Bay-raised entrepreneur with lying to investors about the health of two gasping hedge funds he ran and illegally siphoning money from a successful pharmaceutical firm he founded.
“Shkreli essentially ran his company like a Ponzi scheme where he used each subsequent company to pay off defrauded investors from the prior company,” US Attorney Robert Capers said at a press conference Thursday.
Shkreli, who compounded his villainy by buying the sole copy of a Wu-Tang Clan album and then casually stating that he never even listened to it, was released from Brooklyn federal court after posting $5 million bond.
“Glad to be home,” Shkreli tweeted to his Twitter followers Thursday night. “Thanks for the support.”
Shkreli founded Turing and drew widespread condemnation for acquiring an anti-parasitic drug and hiking its price from $13.50 a pill to $750.



