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Ex-Pharma CEO Shkreli Banned For Life From Drug Industry, Fined $64Mln – US Judge



(@FahadShabbir)

Ex-Pharma CEO Shkreli Banned for Life From Drug Industry, Fined $64Mln - US Judge

WASHINGTON (UrduPoint News / Sputnik – 15th January, 2022) A US judge ordered former Pharmaceutical CEO Martin Shkreli to pay a $64.6 million fine and banned him from the pharmaceutical industry for life, court records revealed on Friday.

“Shkreli is liable on each on the claims president in this action. An injunction shall issue banning him for life from participating in the pharmaceutical industry in any capacity,” Judge Denise Cote wrote in the ruling. “He is ordered to pay the Plaintiff States $64.6 million in disgorgement.”

Shkreli was convicted in 2017 and sentenced to seven years in prison the following year on two counts of securities fraud and one count of conspiracy to commit securities fraud for misleading investors on vital details and the bleak financial market performance of the MSMB Capital and MSMB Healthcare hedge funds he oversaw.

Shkreli gained notoriety in 2015 when Turing Pharmaceuticals raised the price of the medication Daraprim by more than 5,000 percent.

Daraprim is used to treat a common parasite that can cause debilitating or even fatal infections in individuals with a compromised immune system, such as those who have contracted HIV/AIDS.

The Supreme Court also ordered Shkreli to surrender his ownership of a $5-million stock account used as collateral for a now-revoked release bond.



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