‘Pharma Bro’ Martin Shkreli Hit With $64.6 Million Fine And Lifetime Ban From Pharmaceutical Industry

The new date is Jan 14, 2022.

A federal judge ruled Friday morning that Martin Shkreli, a former hedge fund manager convicted of securities fraud in 2017, must pay $64.6 million in fines to states that filed an antitrust lawsuit over his dramatic increase to the price of a life-saving drug.

The House Oversight and Government Reform Committee in 2016 had Martin Shkreli as a witness.

CQ-Roll Call, Inc. is a company.

Shkreli was barred from working in the pharmaceutical industry again.

A bench trial took place in December.

Turing Pharmaceuticals raised the price of the drug Daraprim from $13.50 to $750 in 2015. The price hike for toxoplasmosis treatment was criticized. Shkreli said that if there was a company that was selling an automobile at a discounted price, and we bought that company and asked to charge Toyota prices, I don't think that that should be a crime. The Federal Trade Commission and seven states filed a lawsuit in 2020 accusing Shkreli of blocking competition from generic drug companies by preventing them from accessing Daraprim to conduct testing in line with Food and Drug Administration regulations. The suit claims that Shkreli used exclusive supply agreements to limit the availability of the drug. Shkreli was sentenced to seven years in prison for defrauding investors.

The authorities want a lifetime ban for Martin Shkreli.

Martin Shkreli admits that he should have raised prices even higher.

The album was Seized from a convicted pharma investor.