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Martin Shkreli, the pharmaceutical company CEO who sparked outrage after raising the price of an anti-infective drug from $13.50 to $750, has been arrested by the FBI in New York City in an investigation related to a hedge fund and drug company he once ran, law enforcement sources confirm to

Shkreli, 32, the head of Turing Pharmaceutical in New York, was previously the manager of hedge fund MSMB Capital Management and chief executive of biopharmaceutical company Retrophin Inc.

On Thursday, he was cuffed by federal agents after he and Retrophin lawyer Evan Greebel were indicted on securities fraud charges.

Authorities are expected to release further details on the case later Thursday.