Martin Shkreli, founder of Turing Pharmaceuticals, has resigned as chief executive of the embattled company, effective immediately. The chairman of Turing’s board of directors, Ron Tilles, has been appointed interim CEO, the company announced.

The news comes a day after Shkreli, 32, was arrested by the FBI on securities fraud charges. A seven-count indictment, unsealed Thursday, laid out how Shkreli allegedly set up a Ponzi-like scheme, swindled his former pharmaceutical company, Retrophin, out of more than $11 million, and repeatedly defrauded and lied to investors of two hedge funds he managed.

Shkreli was arraigned in a Brooklyn court yesterday. He pleaded not guilty and was released on a $5 million bond.

As CEO of Turing, Shkreli gained notoriety by raising the price of Daraprim by more than 5,000 percent. The decades-old drug is used to treat a parasitic infection and is often given to AIDS patients and babies.

Shkreli will appear again in court on January 20.