The pharmaceutical entrepreneur, Martin Shkreli, has resigned from his role as CEO of Turing Pharmaceuticals one day after he was arrested on charges on securities fraud.
‘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,’ Chairman Ron Tilles, who is serving as interim CEO, said in statement.
Shkreli meanwhile quickly returned to social media after being released on a $5million bond on Thursday afternoon, writing on Twitter; ‘Glad to be home. Thanks for the support.’
He is next due in court on January 20 and had to forfeit his passport as a condition of his bail.
Shkreli, 32, pleaded not guilty on Thursday to charges of securities fraud, securities fraud conspiracy, and wire fraud conspiracy for orchestrating three interrelated schemes: schemes to defraud investors in MSMB Capital and MSMB Healthcare and a scheme to misappropriate Retrophin’s assets.
His lawyer Evan Greebel is charged with wire fraud conspiracy for his role in the Retrophin scheme.
It is alleged he illegally used stock from the biotechnology firm Retrophin Inc. to pay off debts related to his struggling hedge fund MSMB and to pay back angry investors.
He faces a maximum sentence of 20 years in prison if convicted on all seven counts.
Read More: Martin Shkreli resigns from Turing Pharmaceuticals after fraud charges
