Martin Shkreli, once known for raising the price of life-saving drugs by more than 4,000%, will not be able to return to the pharmaceutical industry after a federal appeals court on Tuesday upheld his lifetime ban.
A three-judge panel of the 2nd Circuit Court of Appeals in Manhattan said the lower court judge acted appropriately in imposing the ban on Mr. Shkreli's antitrust violations.
The lawsuit was brought by the Federal Trade Commission and also joined by New York, California, Illinois, North Carolina, Ohio, Pennsylvania, and Virginia.
Shkreli, 40, became infamous for raising the price of the newly acquired anti-parasitic drug Daraprim overnight from $17.50 to $750 per pill as CEO of Turing Pharmaceuticals in 2015. This earned him the nickname “Pharma Bro.”
He was convicted in 2017 of defrauding investors in two hedge funds and conspiring to defraud investors in another pharmaceutical company, and subsequently served more than four years in prison.
In January 2022, U.S. District Judge Dennis Cote sentenced Shkreli to life imprisonment for his “particularly ruthless and high-handed” tactics in monopolizing Daraprim and keeping generic competitors off the market. He was suspended and ordered to repay $64.6 million.
Daraprim is used to treat toxoplasmosis, including in people with AIDS.
The appeals court rejected Shkreli's argument that Coats' injunction was too broad and unconstitutionally chilled his free speech rights by barring him from even using social media to discuss the pharmaceutical industry. Ta.
“Given Mr. Shkreli's pattern of past misconduct, the clear likelihood of recurrence, and the life-threatening nature of the consequences, the district court's decision regarding the appropriate scope of the injunction was well within its discretion.'' “We believe that there is,” the court said. Said.
Shkreli's lawyer did not respond to a request for comment.
The FTC did not immediately respond to a similar request.
Since his release in May 2022, Shkreli has worked as a software developer and as a consultant for a law firm.
The case is Federal Trade Commission et al. v. Shkreli, 2nd U.S. Circuit Court of Appeals, No. 22-728.
