'Pharma Bro' Martin Shkreli ordered to return $64 million in profits gleaned from 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.
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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.