The former hedge fund manager who sparked national outrage after he hiked the price of a life-saving drug by more than 5,000 percent has been arrested on securities fraud. Prosecutors say Martin Shkreli orchestrated a Ponzi-like scheme at his former hedge fund and his startup pharmaceutical company Turing Pharmaceuticals. Robert Capers, U.S. attorney for the Eastern District of New York, announced the charges Thursday.

Robert Capers: “Today this office and the FBI are announcing the arrests this morning of Martin Shkreli and Evan Greebel and the unsealing of a seven-count indictment charging Shkreli with securities fraud conspiracy, securities fraud, and wire fraud conspiracy, and Greebel with wire fraud conspiracy.”

Martin Shkreli was freed on $5 million bond Thursday afternoon. U.S. authorities said that during the arrest they did not seize a one-of-a-kind Wu-Tang Clan album that Martin Shkreli had reportedly purchased for $2 million and then boasted that he didn’t even plan to listen to it.