Judge bans ‘Pharma Bro’ Martin Shkreli from pharmaceutical industry ‘for life’

Friday’s decision by US District Judge Denise Cote was part of a civil case brought by the Federal Trade Commission and the attorneys general of New York, California, Ohio, Pennsylvania, Illinois, North Carolina and Virginia in 2020, who they alleged that Shkreli violated federal and state laws. state laws prohibiting anticompetitive conduct. A week-long trial was held in December, which Shkreli chose not to attend, according to the ruling.

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“Based on the evidence at trial, Shkreli will be banned for life from the pharmaceutical industry and ordered to repay $64.6 million in net proceeds of his wrongdoing,” Cote wrote in his ruling.

CNN has reached out to Shkreli’s attorneys for comment. He is currently serving a prison sentence on unrelated charges at a federal facility in Pennsylvania and is expected to be released in November, according to online records from the Bureau of Prisons.

Shkreli was convicted of securities fraud and conspiracy in 2017 for defrauding investors of more than $10 million between 2009 and 2014 in what prosecutors called a Ponzi scheme. In 2018, he was sentenced to seven years in federal prison and ordered to seize nearly $7.4 million in assets along with a $75,000 fine.
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Shkreli reportedly continued to run the remains of a pharmaceutical company from prison, and Cote mentioned in his ruling that Shkreli communicated with executives using a smuggled cell phone.

New York Attorney General Letita James, representing one of the states that will receive fine money, said in a statement that the court’s decision puts corporate executives on notice that her office is prepared to seek personal liability for misconduct. anti-competitive policy that prevents people’s access to affordable medicines. .

“The rich and powerful can’t play by their own set of rules, so it appears that cash doesn’t rule everything related to Mr. Shkreli,” James said in a statement. “New Yorkers can trust that my office will do everything it can to hold those in power accountable, as well as fight to protect their health and their wallets.”

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