'Pharma Bro' Martin Shkreli ordered to return $64 million in profits gleaned from boosting price of life-saving drug

'Pharma Bro' Martin Shkreli ordered to return $64 million in profits gleaned from boosting price of life-saving drug
Screengrab.

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.

READ: Fox News' Peter Doocy: There are Republicans 'that don't agree with voting rights'

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.

#story_page_post_article

Understand the importance of honest news ?

So do we.

The past year has been the most arduous of our lives. The Covid-19 pandemic continues to be catastrophic not only to our health - mental and physical - but also to the stability of millions of people. For all of us independent news organizations, it’s no exception.

We’ve covered everything thrown at us this past year and will continue to do so with your support. We’ve always understood the importance of calling out corruption, regardless of political affiliation.

We need your support in this difficult time. Every reader contribution, no matter the amount, makes a difference in allowing our newsroom to bring you the stories that matter, at a time when being informed is more important than ever. Invest with us.

Make a one-time contribution to Alternet All Access, or click here to become a subscriber. Thank you.

Click to donate by check.

DonateDonate by credit card
Donate by Paypal
{{ post.roar_specific_data.api_data.analytics }}