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‘Pharma Bro’ Martin Shkreli Ordered to Return $64 Million in Profits After Boosting Price of Life-Saving Drug

A federal judge has ordered Martin Shkreli to return $64.6 million in profits after he exponentially boosted the price of a crucial life-saving drug the World Health Organization calls “essential.” Daraprim is used to treat HIV/AIDS and cancer patients and those battling parasitic diseases.

U.S. District Judge Denise Cote on Friday handed down her ruling after a December trial in a 2020 case brought by the Federal Trade Commission (FTC) and seven states. Judge Cote also imposed a lifetime ban against Shkreli, prohibiting him from working in the pharmaceutical industry ever again, The Associated Press reports.

A former hedge fund manager, Shkreli earned infamy for hiking the price of Daraprim from $13.50 a pill to $750 a pill.

In 2017 he was found guilty by a jury of conspiracy to commit securities fraud, and two counts of securities fraud.

Last year Shkreli, who is not a not a scientist, physician, or researcher, petitioned the courts to allow him a furlough from jail, insisting he could find a cure for the virus that causes COVID-19. He was denied.

Shkreli’s personal behaviors led to him being labeled “pharma bro,” and in 2015 he was dubbed the “most hated man” in America.

Image via Shutterstock

The post ‘Pharma Bro’ Martin Shkreli Ordered to Return $64 Million in Profits After Boosting Price of Life-Saving Drug appeared first on The New Civil Rights Movement.

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