NEW YORK, Feb 24 – A U.S. judge on Wednesday permanently barred former pharmacist Martin Shkreli from working as a director or director of a public trading firm, and ordered him to pay a $ 1.39 million fine for breach of safety law between 2009 and 2014.
U.S. Regional Judge Kiyo Matsumoto in Brooklyn has rendered his decision during a U.S. case. The Securities and Exchange Commission alleges that Shkreli fraudulently invested in hedge funds and raided his biotechnology company, Retrophin Inc, to finance his investments.
Shkreli proposed a 10-year ban on the officer and director, saying his seven-year prison sentence and $ 7.8 million for fines and penalties in his criminal case were sufficient.
Shkreli’s lawyer didn’t immediately reply to letter of invitation for comment.
Shkreli became famous and have become referred to as “Pharma Bro” in 2015, when he increased the worth of an overnight Daraprim pesticide to $ 750 a tablet from $ 17.50 while serving as chief military officer of Turing Pharmaceuticals, later renamed Vyera Pharmaceuticals.
He was arrested that year on fraud and conspiracy charges associated with Retrophin and his MSMB Capital Management and MSMB Healthcare Management hedge funds.
In his decision, Matsumoto called Shkreli a “disgruntled, dishonest, and unreliable company leader” who could also break the law if he was allowed to run a public company.
Shkreli is serving his sentence in a very maximum-security prison in Allenwood, Pennsylvania, and can be eligible for release in November.
Last month, a Manhattan government judge suspended Shkreli forever and ordered him to pay $ 64.6 million.
That followed a non-injury lawsuit within which state and federal officials said Shkreli tried to take care of Daraprim with illegal authority and stop their common rivals from being on the market.