Supreme Court Rejects Appeal from ‘Pharma Bro’ Martin Shkreli
The Supreme Court has declined an appeal from Martin Shkreli, the former pharmaceutical executive famously dubbed “Pharma Bro,” following his controversial price hike of a lifesaving medication.
Shkreli attempted to overturn a court order mandating the return of $64.6 million in profits. These profits were accrued by his former company following a monopolization of the market for the medication, which allowed for a drastic increase in its price. His legal team contended that the profits went to the company rather than him directly.
However, prosecutors emphasized that the company had previously concurred in a settlement to pay $40 million. They argued that Shkreli should be held accountable for the repayment of profits, citing his role as the mastermind behind the scheme.
Adding to the penalties, Shkreli was also instructed to forfeit the Wu-Tang Clan’s exceptionally rare album, “Once Upon a Time in Shaolin.” The hip-hop group had sold a single copy of this unreleased album in 2015 under the condition that it would not be used commercially.
Shkreli’s legal troubles stem from his conviction for deceiving investors and swindling them out of millions in two failed hedge funds under his management. Furthermore, while serving as CEO of Turing Pharmaceuticals, subsequently rebranded as Vyera, Shkreli infamously escalated the price of Daraprim from $13.50 to an exorbitant $750 per pill. This action followed his acquisition of exclusive rights to the drug in 2015, which is essential for treating a rare parasitic disease affecting pregnant women, cancer patients, and individuals with AIDS.
Though Shkreli justified his decision as a function of capitalism, asserting that insurance and other assistance programs would ensure access to Daraprim for those in need, his actions incited widespread condemnation. The outrage extended from the medical community to the halls of Congress, where it spurred debates on pharmaceutical ethics and price gouging.
Shkreli’s legal saga culminated with his release from prison in 2022, after serving the majority of a seven-year sentence for his fraudulent activities and unscrupulous business practices.
