Martin Shkreli, CEO criticized for price gouging, in custody after securities probe

AP logo
Thursday, December 17, 2015
Martin Shkreli is escorted by law enforcement agent is escorted by law enforcement agents in New York Thursday, Dec. 17, 2015.

NEW YORK -- 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 in custody following a securities probe.

Calls to an attorney that has represented Shkreli in the past were not immediately returned. His arrest was confirmed Thursday by FBI spokeswoman Kelly Langmesser.

A furor over the staggering price hike triggered multiple government investigations and pledges from politicians to rein in soaring prescription drug prices. Those include newly approved medicines costing around $100,000 a year and some old, formerly cheap generics.

Rising pharmaceutical prices has become a topic in the upcoming U.S. presidential race.