A federal judge presiding over a civil lawsuit against Martin Shkreli, 38, nicknamed “Pharma Bro,” permanently banned him from participating in the pharmaceutical industry and ordered him to disgorge $64 million of profits on Friday, January 14, 2022 (read story here).
Shkreli (bio here), who achieved notoriety by buying marketing rights to niche lifesaving drugs and then jacking up their prices, was sued by the Federal Trade Commission and several states for monopolistic (in legal jargon, “anti-competitive”) business practices.
Martin Shkreli in cuffs
In banning Shkreli from the drug business, the judge may have been influenced by reports he was illicitly running a drug company from prison with a contraband cellphone.
Shkreli was convicted of securities fraud in 2017 — prosecutors called it a “Ponzi scheme” — and is scheduled for release from prison later this year.
Perp walk: “Pharma Bro” being led away at the time of his securities fraud arrest
He is gonna be missed at the company Christmas party.