Drug tycoon Martin Shkreli arrested by FBI

Pharmaceutical entrepreneur Martin Shkreli - who hiked the price of a life-saving drug by 5,000% - held by law enforcement

Drug tycoon Martin Shkreli arrested by FBI

via Martin Shkreli on Facebook

American entrepreneur Martin Shkreli - who hiked the price of a life-saving drug by 5,000% - has been arrested by the FBI.

The 32-year-old was held on suspicion of securities fraud relating to his former hedge fund and a drug company he previously headed, according to reports.

He gained notoriety in September when his startup company bought the right to a life-saving drug and then hiked the price of it by 5,000%.

Daraprim is a 62-year-old drug mainly used to treat people who have toxoplasmosis, a potentially deadly parasitic infection.

The arrest is unrelated to the drug pricing row or his current company Turing Pharmaceuticals.

Shkreli was in the news again earlier this month when it emerged that he had purchased a single copy of a one-off Wu-Tang Clan album for $2m.

The group created just one copy of its album Once Upon A Time In Shaolin, and said it would be sold to the highest bidder.

The 31-track album comes in a hand-carved box, accompanied by a leather-bound book with 174 pages of parchment paper filled with lyrics and background on the songs.