Steve January 14, 2022

Pharma Bro Martin Shkreli Banned For Life From Drug Industry in Monopoly Case, Ordered To Pay $64.6 Million (cnbc.com)

Posted by msmash from the face-the-music dept.

fahrbot-bot writes: A federal judge on Friday ordered notorious “Pharma Bro” Martin Shkreli banned for life from the pharmaceutical industry and also ordered him to pay $64.6 million in profits he earned from hiking the price of the life-saving drug Daraprim by more than 5,000% overnight. The ruling in U.S. District Court in Manhattan came in response to a lawsuit alleging illegal and monopolistic behavior connected with Daraprim by the incarcerated securities fraudster Shkreli.

The plaintiffs in the case were the Federal Trade Commission, and seven states, including New York and California. Those same plaintiffs last month obtained a $40 million settlement for the same claims from Vyera Pharmaceuticals, the company that Shkreli had founded. “Americans can rest easy because Martin Shkreli is a pharma bro no more,” said New York Attorney General Letitia James. Shkreli is serving a seven-year federal prison term for financial crimes unrelated to his controversial price increase of Daraprim, a drug used to treat parasitic infections in pregnant women, babies, HIV patients, and others. Shkreli controversially raised the drug’s price from $13.50 per pill to a whopping $750 per pill in 2015.



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