'Pharma Bro' Martin Shkreli Loses Appeal: Supreme Court Imposes $65M Fine, Issues Lifetime Ban From Pharma Industry

In a significant legal development, the U.S. Supreme Court has denied Martin Shkreli’s appeal to overturn a $64.6 million repayment order. This decision marks another setback for the former pharmaceutical executive, infamously known as “Pharma Bro.”

What Happened: Shkreli’s legal team contended that the profits were retained by his company, not him personally. However, prosecutors argued that since Shkreli orchestrated the scheme, he should be liable for the repayment, reported the Associated Press.

The Supreme Court provided no explanation for its decision, which is customary, and no dissenting opinions were noted.

New York Attorney General Letitia James praised the court’s decision, emphasizing the importance of anti-fraud laws in protecting consumers.

"This win reinforces how our state's tough anti-fraud laws help protect New Yorkers and ensure bad actors cannot abuse their power, wealth, or influence," she said, according to the report.

The ruling also enforces a lifetime ban on Shkreli from the pharmaceutical sector. Shkreli’s lawyer, Thomas Huff, expressed disappointment but held hope for a future Supreme Court decision that might alter the lower court’s ruling.

Shkreli, who previously served time for defrauding investors, was also ordered to forfeit Wu-Tang Clan‘s rare album. His controversial price hike of Daraprim from $13.50 to $750 per pill in 2015 sparked widespread outrage.

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Why It Matters: Shkreli has been a controversial figure since his 2015 decision to drastically increase the price of Daraprim, a life-saving drug. His legal troubles began with a conviction for securities fraud in 2018, leading to a seven-year prison sentence. In May 2022, Shkreli was released to a halfway house after serving over four years of his sentence.

Despite his legal battles, Shkreli has remained active in the public eye, making bold predictions about Bitcoin BTC/USD and even reportedly creating a former President Donald Trump–themed cryptocurrency.

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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote