Martin Shkreli, the controversial pharmaceutical entrepreneur, has been released from jail after agreeing to a $5 million bond package and processing pre-trial paperwork.
According to Reuters, Shkreli–who was arrested yesterday as a part of of a year-long investigation–was charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy stemming from his actions at his former hedge fund, MSMB Capital Management, and a biopharmaceutical company he called Retrophin Inc.
Investigators claim Shkreli operated each of his businesses as a “Ponzi-like scheme,” where every venture was used to pay off defrauded investors from the prior one. Shkreli faces up to 20 years in prison if convicted. He entered a non guilty plea in a Brooklyn courtroom yesterday.
Shkreli came under fire earlier this year when Turing Pharmaceuticals, one of the many companies he operates, acquired and raised the price of an HIV and malaria drug by more than 5,000 percent. Investigators would not speculate if the price increase was motivated by a need to pay off other debts.
As far as the beloved $2 million Wu Tang album, it was not seized yesterday when he was arrested, as tweeted by the FBI.
#Breaking no seizure warrant at the arrest of Martin Shkreli today, which means we didn't seize the Wu-Tang Clan album.
— FBI New York (@NewYorkFBI) December 17, 2015