The nation’s highest court will not allow the disgraced former CEO, famously called “Pharma Bro,” to plead his case.
The U.S. Supreme Court’s denial of Martin Shkreli’s appeal was among the many orders issued on Monday. This appeal was in response to a lower court ruling that banned him for life from the pharmaceutical industry and required him to pay $64.6 million.
Martin Shkreli, a convicted felon who spent over five years in prison for defrauding hedge fund investors, gained widespread notoriety for his actions. He infamously raised the price of the AIDS drug Daraprim by 5,000%.
This drug was the only FDA-approved treatment for toxoplasmosis, a parasitic disease that poses severe and potentially life-threatening risks to individuals with compromised immune systems, including infants born to infected mothers and those with HIV.
James stated that Shkreli’s actions, including the exorbitant pricing and changes in distribution, severely restricted access to the drug. As a result, patients and doctors were left with challenging and potentially dangerous choices when it came to treating a life-threatening illness.
The ban and the fine were issued by the federal District Court for the Southern District of New York in 2022. Later, the Second U.S. Circuit Court of Appeals upheld the decision.
In a statement on Monday, Letitia James, the Attorney General of New York, emphasized that Shkreli should not be allowed to evade accountability.
James emphasized that the recent legal victory highlights the effectiveness of our state’s robust anti-fraud regulations in safeguarding the people of New York and preventing individuals from exploiting their authority, wealth, or influence.
Shkreli still has some legal issues to deal with. It is alleged that he made copies of a rare Wu-Tang album, which he sold in order to comply with a $7.4 million forfeiture order.
He even went so far as to play the album on a livestream, which violated the rules surrounding its sale. As a result, he faced the possibility of being charged with contempt.
