Pharma Bro Martin Shkreli banned for life from drug industry in monopoly case, ordered to pay $64.6 million

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A federal judge on Friday banned notorious pharma bro Martin Shkreli from the industry for life and ordered him to pay $64.6 million in profits he made from hiking the price of the drug.

The 135-page ruling in the US District Court in Manhattan came in response to a lawsuit that was filed by the Federal Trade Commission and several states.

The settlement with Vyera Pharmaceuticals that Shkreli founded resulted in the addition of $40 million in monetary penalties.

New York Attorney General Letitia James said Americans can rest easy because Martin Shkreli is no longer a pharma bro.

The seven-year federal prison term for financial crimes unrelated to his controversial price increase of more than 5,000% for a drug used to treat infections in pregnant women, babies, and HIV patients is unrelated to the price increase of the drug.

The judge found that Shkreli, while serving as CEO of Vyera Pharmaceuticals, had violated federal and state laws with anticompetitive conduct to protect profits from the only drug approved to treat toxoplasmosis in the US.

The drug Vyera had been known as Turing Pharmaceuticals when Shkreli ordered a massive price hike for the drug in 2015, earning him widespread condemnation from a wide range of people, including former President Donald Trump.

The outrage led to Shkreli becoming famous.

He was charged by federal prosecutors with defrauding investors in two hedge funds and using their funds to found another drug company, Retrophin.

In the middle of last year, Shkreli was convicted of several charges in the case, and within weeks had his release bond revoked despite a pending appeal after offering his followers a bounty for each strand of hair they could pull off Clinton's head during her book tour that year.

Kevin Mulleady agreed to be banned from the pharmaceuticals industry for seven years as part of the settlement with Vyera.

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