Pharma CEO Martin Shkreli Resigns After Being Charged in Fraud Case

PHOTO: Martin Shkreli, the former hedge fund manager under fire for buying a pharmaceutical company and ratcheting up the price of a life-saving drug, is escorted by law enforcement agents in New York City on Dec. 17, 2015.PlayCraig Ruttle/AP Photos
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The infamous pharmaceutical CEO who was arrested Thursday for alleged securities fraud has resigned.

Martin Shkreli was arrested and is now out on bond, but he no longer has an office to go to after his former employer, Turing Pharmaceuticals, announced today he resigned and has been replaced.

PHOTO: Turing Pharmaceutical CEO Martin Shekreli was arrested on Dec. 17, 2015 for alleged securities fraud. Richard Perry/The New York Times/Redux
Turing Pharmaceutical CEO Martin Shekreli was arrested on Dec. 17, 2015 for alleged securities fraud.

In its statement, Turing made no mention of why Shkreli resigned or his pending charges.

Attorneys for Shkreli, who made national news well before his arrest for raising the price of an HIV medication from $13.50 to $750, released a statement Thursday saying he is "confident that he will be cleared of all charges."

"Mr. Shkreli expects to be fully vindicated," the statement from his attorneys reads.

He entered a not guilty plea and is out on a $5 million bond.

Shkreli listed himself as founder and CEO of Turing Pharmaceuticals since October 2014, according to his LinkedIn profile.

Shkreli, 32, is an active Twitter user and has not posted anything on his verified account since his resignation, but his bio still lists him as the CEO of the company.

His last tweet came after he was released on $5 million bond, writing: "Glad to be home. Thanks for the support."