Judge bans ‘Pharma Bro’ Martin Shkreli from pharmaceutical industry ‘for life’

Friday’s decision by U.S. District Judge Dennis Cote was part of a civil case brought by the Federal Trade Commission and attorneys general for New York, California, Ohio, Pennsylvania, Illinois, North Carolina and Virginia in 2020, who allege Shkreli violated federal and state laws prohibiting anticompetitive behavior. A week-long trial took place in December, and Shkreli chose not to attend, according to the ruling.

US sells one-of-a-kind copy of Wu-Tang Clan album confiscated from & # 39 ;  Pharma Bro & # 39;  Martin Shkreli
“Based on trial evidence, Shkreli will be banned for life from involvement in the pharmaceutical industry and required to dispose of $64.6 million in net profits resulting from his infractions,” Kott wrote in her ruling.

CNN has reached out to Shkreli’s attorney for comment. He is currently serving a prison sentence on unrelated charges at a federal facility in Pennsylvania, and is expected to be released in November, according to Bureau of Prisons online records.

Shkreli was convicted of securities fraud and conspiracy in 2017 to defraud investors of more than $10 million between 2009 and 2014 in what prosecutors described as a Ponzi scheme. In 2018, he was sentenced to seven years in federal prison and ordered to forfeit nearly $7.4 million in assets along with a $75,000 fine.
Prescription drugs are too expensive for many Americans.  These companies are trying to change that
Shkreli was reportedly continuing to administer the remains of a drug company from prison, and Kote noted in her ruling that Shkreli communicated with executives using a forbidden cell phone.

New York Attorney General Letita James, who represents one of the states that will receive money from the fine, said in a statement that the court’s decision puts corporate executives on notice that her office is willing to seek personal accountability for anti-competitive behavior that hinders people’s access to affordable drugs. .

“The rich and powerful don’t play by their own set of rules, so it seems money doesn’t rule everything around Mr. Shkreli,” James said in a statement. “New Yorkers can trust that my office will do everything in its power to hold the powerful to account, as well as fight to protect their health and their financial wallets.”

.

Leave a Comment