An infamous former hedge fund executive has been arrested on security fraud charges.
FOX's Gurnal Scott reports:
Martin Shkreli is charged with securities fraud for bilking investors out of millions of dollars. U.S. attorney Robert Capers says Shkreli squandered money through a string of fraudulent businesses.
(Shkreli) "Essentially ran his companies like a ponzi scheme where he used each subsequent company to pay off defrauded investors from the prior company."
Shkreli has also been criticized for buying the rights to a parasite-fighting drug -- then jacking up the price per pill ten fold. His arrest is unrelated to that accusation.
Shkreli could face 20 years in prison on the fraud charge.
In New York City, Gurnal Scott, FOX News.