Posted by on January 14, 2022 3:09 pm
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Martin Shkreli ordered to pay $65 million fine, barred from pharmaceutical industry

Pharmaceutical chief Martin Shkreli speaks on Capitol Hill in Washington, Thursday, Feb. 4, 2016, during the House Committee on Oversight and Reform Committee hearing on his former company’s decision to raise the price of a lifesaving medicine. Shkreli refused to testify before U.S. lawmakers who excoriated him over severe hikes for a drug sold by a company that he acquired. (AP Photo/Susan Walsh) Susan Walsh/AP

Martin Shkreli ordered to pay $65 million fine, barred from pharmaceutical industry

Ryan King January 14, 02:21 PMJanuary 14, 02:26 PM

Former pharmaceutical CEO Martin Shkreli was ordered to pay a $64.6 million fine and was banned from participating in the pharmaceutical industry “in any capacity” on Friday.

The ruling from U.S. District Judge Denise Cote came in an antitrust suit filed against Shkreli. In 2020, New York State Attorney General Letitia James filed a suit arguing he improperly engaged in monopoly control to increase the price of anti-malarial drug Daraprim.

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Shkreli was sentenced to seven years in prison in 2018 after being found guilty of defrauding investors. He gained notoriety when his company increased the price of Daraprim from $13.50 to $750 per pill. His actions triggered bipartisan backlash and congressional action.

This is a breaking story and will be updated.

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Originally appeared at Washington Examiner

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