Martin Shkreli is best known for raising the price of a life-saving AIDS drug from $ 13.50 to $ 750 in 2015.
In 2018, Shkreli – otherwise known as Pharma Bro – was sentenced to 7 years in prison on charges of conspiracy to commit fraud.
Where is Martin Shkreli now?
Shkreli, 38, is still serving the remainder of his 7-year sentence in a low-security prison in Allenwood, Pennsylvania.
On January 14, 2022, the Associated Press reported that the judge ordered the return of $ 64.6 million in profits made by him and his former company when the price of Doraprim was raised.
US District Judge Denise Cote restrained Shkreli from participating in the pharmaceutical industry throughout his life.
This is not the first time Shkreli has had a bad day in court, and in January 2021, a judge rejected Shkreli’s second request to get out of jail early.
He has previously claimed that mental health problems have crippled his immune system, making him more susceptible to coronavirus.
US District Judge Kio Matsumoto, in his ruling, said Shkreli had failed to prove extraordinary and compelling facts, calling for an early release and because he was a “relatively young and healthy man,” he was not at high risk for serious injuries. Were infected with the virus.
Shkreli is scheduled for release on September 13, 2023.
What is Martin Shkreli’s net worth?
Shkreli is estimated to have a net worth of $ 70 million, however, after his conviction, his net worth fell to $ 8 million, according to Celebrity Net Worth.
It is not clear what it is after the recent decision in his case.
The majority of their net worth comes from shares in their company, Turin Pharmaceuticals.
Following his conviction, Shkreli was ordered to forfeit $ 5 million from his Itrade account and $ 2.36 million in other assets, including a Pablo Picasso painting and a single copy of the Wu-Tang Clan album, Once Upon a Time in Shaolin.
On July 27, 2021, it was announced that the US government had sold the album at an undisclosed price to anonymous buyers.
“Shkreli has been held liable and paid the price of lying and stealing from wealthy investors,” said Jacqueline M. Schneider, defending the Eastern District of New York. Said Kasulis.
“With today’s sale of this type of album, his foreclosure payment is now complete.”
Shkreli had previously purchased the album at auction in 2015 for $ 2 million.
The Wu-Tang Clan is an American hip-hop group.
In March 2021, it was announced that Blue Cross Blue Shield of Minnesota was suing Martin Shkreli for $ 100 million for “cunning to monopolize the market” in Daraprim.
Why are they called ‘Pharma Bro’?
Shkreli is a former hedge fund manager for Elia Capital, MSMB Capital Management and MSMB Healthcare.
He is the co-founder and former chief executive officer of the biotechnology company Retrofin and the founder and former CEO of Turing Pharmaceuticals.
Shkreli, who is notoriously labeled “pharma bro” by the media, was criticized by Turing when he obtained a production license for the AIDS drug, Daraprim.
He then raised prices by about 5,000 percent overnight in August 2015.
At the time, Shkreli was called “the most hated man in the world” after raising the price, and he became the poster boy for corporate surplus, even though the price rise was not common in the US Pharmaceutical Industry.