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Seven States Fight Shkreli’s Bid To Pause Monetary Penalty

By  |  March 15, 2022
Seven States Fight Shkreli’s Bid To Pause Monetary Penalty

Martin Shkreli appealed the verdict handed down to him last month in a widely watched antitrust case asking for a stay in payment while he appeals. Seven states that helped the FTC in the case against Shkreli are asking NY judge to uphold the fine and make him pay it.

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    Last Friday, however, the federal judge who delivered that ruling deflected the “Pharma Bro’s” objections blow by blow.

    Related: “Pharma Bro” Shkreli Loses Bid To Delay Antitrust Trial

    Judge Denise Cote of New York’s Southern District upheld Shkreli’s exile from the industry and clarified exactly what sort of actions the former CEO is barred from taking part in. Not only is Shkreli prohibited from working in biopharma, but he can’t talk to industry friends or wax poetic about it on his blog, either, Cote said in a 10-page opinion filed Friday.

    The decision comes after Cote in January ordered Shkreli to pay $64.6 million in disgorgement linked to profits he made from Turing Pharmaceuticals’ now-infamous Daraprim drug pricing scandal. The judge also ordered that Shkreli be barred from the pharmaceutical industry for life. 

    Shkreli was CEO of Turing Pharmaceuticals — later Vyera — when it jacked up the price of Daraprim. It treats a rare parasitic disease that strikes pregnant women, cancer patients and AIDS patients. Nicknamed “Pharma Bro,” Shkreli is serving a seven-year term for securities fraud. In July 2021, the US government announced that it had sold a one-of-a-kind Wu-Tang Clan album, once owned by Shkreli, to pay off a US$7.36 million forfeiture order tied to the fraud conviction.

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