'Pharma bro' Martin Shkreli arrested in FBI securities fraud sting

The drug company CEO who came under fire after raising the cost of a life-saving drug more than 5,000 percent earlier this year has been arrested by the FBI. 

Federal agents arrested Martin Shkreli Thursday moing in connection with a securities fraud investigation related to a firm he founded, Bloomberg reported.

Shkreli is currently the CEO of Turing Pharmaceuticals, but he was previously the manager of MSMB Capital Management, a hedge fund. He was also the chief executive of Retrophin, a biopharmaceutical company, NBC News reported.

Details of the charges were not released, NBC News reported.

Bloomberg reported that Shkreli made payoffs and set up false consulting arrangements.

EXCLUSIVE: Pharma CEO Martin Shkreli arrested on charges of securities fraud https://t.co/Kwz4jw4bPA pic.twitter.com/hzn9C1IknR — Bloomberg Business (@business) December 17, 2015

Shkreli's current company, Turing Pharmaceuticals, announced that it was going to raise the cost of Daraprim from $13.50 to $750 a pill, NBC News reported.

He was also said to have paid $2 million for the only copy of the new Wu-Tang Clan album, "Once Upon a Time in Shaolin."

When news of his arrest broke Thursday moing, many people celebrated.

when everyone on Twitter woke up this moing and saw that Martin Shkreli was arrested pic.twitter.com/E9NhTyoIru — Larry Taint (@WarOnXMASVet) December 17, 2015

Karma is real: Martin Shkreli reportedly arrested https://t.co/voaQouDfBd pic.twitter.com/gvYOtEYIUn — Mashable (@mashable) December 17, 2015

US attoeys and FBI officials will hold a news conference at 12 p.m. ET today, where they reportedly will unseal the indictment.