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UPDATE: Shkreli was bailed on payment of a $5 million bond package and is released.
This morning Martin Shkreli was arrested by the feds for charges of securities fraud. It’s only 24 hours after the infamous price-hiking pharmaceutical CEO had his controversial interview with HipHopDX where he revealed his plan to bail out incarcerated rapper Bobby Shmurda and told RZA to “shut the f*ck up” in response to the Wu-Tang Clan frontman for his negative remarks towards Shkreli. The arrest has nothing to do with his purchase of the $2 million album, however. According to Bloomberg, it actually derives from a firm Shkreli launched in 2011 called Retrophin, Inc. — he is believed to have taken stock illegally and use it to pay off personal debts (speculated to be related to his defunct hedge fund, MSMB Capital Management) unrelated to that of the company. In addittion, the 32-year-old businessman is said to have been involved with creating falsified consulting agreements and secret payoffs. Read more about the situation here.