A US judge has prohibited Martin Shkreli from the pharmaceutical sector and fined him $64.6 million.
Martin Shkreli, the pharmaceutical tycoon who was widely chastised for skyrocketing the price of life-saving treatment, has been disqualified from the industry for the rest of his life and fined $64.6 million by a US court.
Shkreli, dubbed “Pharma Bro” for his odd conduct, has been pursued by the Federal Trade Commission (FTC) and seven states.
Shkreli was the CEO of Turing Pharmaceuticals, which raised the price of Daraprim, a medicine used to treat Aids, malaria, and cancer, by over 5,000 percent in 2015.
The subsequent scandal brought Donald Trump and his then-candidate, Hillary Clinton, together in criticism. Clinton attacked Shkreli’s pricing gouging, and Trump dubbed him a “spoiled brat.” “Banning an individual from an entire industry and limiting his future ability to make a living in that profession is a significant remedy,” US district judge Denise Cote said in a 135-page judgment on Friday.
“Shkreli’s flagrant, purposeful, persistent, long-running, and ultimately dangerous illegal activity justifies the issuance of such a broad injunction.”
“From the start, Shkreli’s new company was focused on acquiring sole-source drugs that were the gold standard treatment option for life-threatening diseases with a small patient population and inferior alternative treatments, with the goal of raising their prices, blocking generic competition, and reaping enormous profits.”
Shkreli was sentenced to seven years in prison for securities fraud in a separate case in 2018.
Shkreli was denied bail during the trial after inviting supporters to buy a hair from Clinton’s head for $5,000, but the hair had to have a follicle. In a now-deleted Facebook post, he said, “Do not assault anyone for whatever cause (LOLIBERALS).”
In January 2020, Letitia James, the New York state attorney general, filed a lawsuit against Shkreli, accusing him of abusing monopoly power to keep drug prices high. She was joined by the Federal Trade Commission (FTC) and many state attorneys general.
“Martin Shkreli is no longer a ‘Pharma Bro,'” James tweeted on Friday.
“Despite Shkreli’s belief that money dominates everything around him, the powerful do not get to set their own rules.”
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