CEO That Raised Drug Price 4,000 Percent Arrested

Martin Shkreli, who drew national scorn for hiking the cost of a life-saving drug 4,000 percent overnight, has been arrested, according to multiple reports early Thursday.

The 32-year-old founder and CEO of Turing Pharmaceutical made headlines in September for raising the price of Daraprim, often used to treat HIV and AIDS patients, from $13.50 per pill to $750 per pill after buying the rights to the drug.

His arrest is reportedly not related to that price increase.

Shkreli is accused of illegally taking stock from a biotechnology firm he launched in 2011 called Retrophin Inc., Bloomberg reported, and using it to pay off unrelated business debts.

Federal prosecutors allege he also conducted a complicated shell game with his shuttered hedge fund, MSMB Capital Management, the news service added. He is charged with making sham consulting agreements and secret payoffs using the firm.