Hunter College High School isn't commenting on whether it will return a massive donation from a controversial alumnus.
In March, pharmaceutical executive Martin Shkreli pledged $1 million to the school, among the largest single gifts in its 101-year history. But Thursday, the 32-year-old was charged with securities fraud and conspiracy.
Federal prosecutors say Shkreli ran a Ponzi-like scheme from 2009 to 2014 that stemmed from a hedge fund he started. He's free on $5 million bail.
Earlier this year, Shkreli was widely criticized for his company's decision to raise the price of a life-saving AIDS drug from $13 to $750 per pill.
A day after his arrest, he stepped down as CEO of Turing Pharmaceuticals.