AP Images 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 belted into an awaiting car after being taken into custody following a securities probe, on Thursday, Dec. 17, 2015 in New York.
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Hedge funder Martin Shkreli has been arrested in a securities-fraud investigation.
Shkreli is accused of defrauding investors in his hedge fund by making "material misrepresentations" about the performance and assets under management. He's also accused of preventing investors from redeeming their capital.
In a press conference, US Attorney Robert Capers said Shkreli "essentially ran his companies like a Ponzi scheme."
Shares of the biopharmaceutical company KaloBios, where Shkreli is CEO, were down 50% in premarket trading on Thursday before being halted.
In other news, investment bankers are bullish on the prospects of there being more tech IPOs in 2016. Here are the five tech startups most likely to go public next year, according to CB Insights.
On a related note, JPMorgan sent a memo to staff outlining its aggressive investment in blockchain technology, big data, and robotics
Here are the top Wall Street headlines at midday -
A former New York Jets wide receiver just made a big Wall Street move - Former New York Jets wide receiver turned financial adviser Wayne Chrebet will be joining Stifel Financial Corp. from Barclays Wealth Management.
Wall Street has had a monster year in one key business - Goldman Sachs, Morgan Stanley, JPMorgan and Bank of America Merrill Lynch have all recorded their highest annual M&A volumes on record.
Wall Street is getting bullish about itself - The Federal Reserve hiked interest rates on Wednesday, putting an end to the zero-interest-rate policy era. Investors and analysts expect those higher rates to help banks' bottom lines.
BILLIONAIRE INVESTOR: 'A high probability that we're looking at a recession' - You can add Sam Zell to the list of investors who think we're headed towards a recession.
A banking dream team is looking at technology that could 'impact financial services the way the Internet changed media' - The banking dream team looking at blockchain - the technology that underpins bitcoin - is finally complete.
Elsewhere on the web -
We Can't Even With This Millennial ETF - Bloomberg
Beijing Probes Architects of Stock-Market Rescue - The Wall Street Journal