By this point, most people already understand the corrupt inner workings of top pharmaceutical companies in the United States, using their positions to impact the health of individuals as leverage to line their own pockets. From spiking pharmaceutical drug costs through the roof to making access to certain life-saving medications nearly impossible for the non-elite, it is apparent that the executives of these large corporations have very little regard for their customers.
However, very seldom does one of these executives almost try to make themselves the subject of widespread public criticism, generally keeping a low profile to the best of their abilities among consumers. This was not the case for the founder and former CEO of Turing Pharmaceuticals, Martin Shkreli.
Perhaps better known as his nickname, “Pharma Bro,” Shkreli became targeted by the general public in 2015, after he received the manufacturing license for a drug called Daraprim, a vital medication for those impacted by the HIV/AIDS disease. Shkreli came under attack when he made the decision to exponentially increase the price on the drug for no apparent reason, hiking the original price from $13.50 to about $750 per single pill. This launched a widespread campaign against the former CEO.
Eventually, he faced criminal charges that he was convicted of earlier on Monday.
According to a Reuters report:
‘Former U.S. drug company executive Martin Shkreli will be held responsible for $10.4 million in financial losses when he is sentenced for defrauding investors, a federal judge ruled on Monday, rejecting his argument that he did not cause any losses because his investors eventually came out ahead.
The ruling from U.S. District Judge Kiyo Matsumoto could mean more prison time for Shkreli, since the amount of financial loss plays a major role in federal sentencing guidelines.’
Shkreli, who has been in jail since September after being found guilty of unrelated securities fraud charges, has seemingly learned nothing from his time spent imprisoned thus far, as he continues to make outrageous claims and comments that one would expect to hear from a college student, not the former CEO of a major pharmaceutical company. After writing a Facebook post in September that he would offer $5,000 to anybody who would be able to get him a strand of Hillary Clinton’s hair, Judge Matsumoto revoked his bail rights and sentenced him to jail.
Uh oh, bro. https://t.co/yXJZGTe7Tv
— New York Daily News (@NYDailyNews) February 26, 2018
Big 'loss' for Martin Shkreli: Judge's ruling means 'pharma bro' could get decade or more in prison https://t.co/z8PX3fViAd
— JoeInWV (@wvjoe911) February 26, 2018
The charges Shkreli was convicted of include lying to investors, specifically in regards to two hedge funds that he controls, MSMB Capital and MSMB Healthcare. He is also convicted of conspiracy to manipulate the stock price of Retrophin Inc., another pharmaceutical company he co-founded.
Pharma Bro Troll Martin Shkreli gets Rick Rolled by judge, could face up to a decade in prison https://t.co/Vm9qERN3Zq
— R Joseph (@rjoseph7777) February 27, 2018
Despite arguments from Shkreli’s lawyers that investors came out ahead in the investments that they made, Matsumoto claimed that given the fraudulent nature of the initial funds, that the $6.4 million in investments must be considered a loss under federal guidelines. Matsumoto further blasted Shkreli that he will receive no credit for the profits that investors made, due to the fact that he only decided to repay them once they became suspicious as to where their money was going.
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