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Martin Shkreli: Controversial US investor is not allowed to return to the pharmaceutical industry after imprisonment

2022-01-15T04:41:19.916Z


Martin Shkreli has been called "the most hated man in America." Now a federal judge has decided: The pharmaceutical manager convicted of financial fraud may not continue to work in his profession after his imprisonment.


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Martin Shkreli in 2016

Photo: Susan Walsh/AP

The US pharmaceutical and hedge fund manager Martin Shkreli is no longer allowed to work in the pharmaceutical industry after serving his sentence.

That ordered a US federal judge on Friday.

In addition, the convicted financial fraudster has to pay his victims compensation totaling $64.6 million.

Shkreli, 38, has been in prison since 2017 and was sentenced to seven years in prison for financial fraud.

He was found guilty of illegally inflating the value of two hedge funds he previously managed.

His release is scheduled for October 2023, but he could be released this year if he is well behaved.

Shkreli was once considered the enfant terrible of the pharmaceutical industry.

He had specialized in buying the patents of cheap drugs and then drastically inflating the price.

He was once dubbed the "most hated man in the United States" because, when he was then head of the pharmaceutical company Turing, he had willfully increased the price of the AIDS drug Daraprim by more than 50 times: overnight the price was $13.50 per Tablet increased to $750.

However, this scandal was not the subject of the financial fraud process.

cop/AFP

Source: spiegel

All news articles on 2022-01-15

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