PHOENIX - The founder and majority owner of a large Valley pharmaceutical company and opioid manufacturer has been arrested.
On Thursday morning, John Kapoor, the founder and CEO of Insys, was arrested in Phoenix, according to the US Attorney's Office. The 74-year-old was arrested on charges including racketeering, conspiracy and fraud.
Kapoor is expected to appear in federal court in Phoenix on Thursday, the US Attorney's Office says.
According to Forbes, Kapoor is worth $1.79 billion as of Thursday morning. He also owns Roka Akor Japanese eateries in Scottsdale and other parts of the country.
Attorney General Mark Brnovich filed the lawsuit seeking an injunction to stop Insys from continuing false representations. He wants the company to provide restitution for patients and wants disgorgement of all profits and gains from the alleged illegal conduct.