Martin Shkreli, known as Pharma Bro is a renowned figure to the American public. And, has been known for his unmatched leadership of Turing Pharmaceuticals. The company name was later changed to Phoenixus. According to the reports, in 2015, the company spiked the dosage price of Daraprim from $13.50 to $750. Daraprim is used to treating parasitic infections which is found mostly in pregnant women, HIV patients, and infants.
“Pharma Bro” Martin Shkreli who was convicted in 2017 under the charges of securities fraud lost his final appeal when the US supreme court rejected to consider the same. The appeal was denied without any comment on Monday along with the group of other petitions. The businessman, Martin Shkreli who was charged for inflating the price for a certain drug by 5000% used to treat an illness caused to those with weak immunity or those suffering from the HIV virus.
The remark made by Benjamin Brafman who is the lead defense attorney for Martin concluded, “We are disappointed by the court’s decision and continue to maintain that Martin was never treated fairly by any of the courts that have reviewed his case. Unfortunately, there is often a price to pay for notoriety. It is never helpful.”
Martin Shkreli is already serving a seven-year sentence. He has been stationed at the low-security federal correction center located in Allenwood, Pennsylvania. According to the federal inmate registry, the sentence finishes in September 2023.
As per the report by the Wall Street Journal, Martin was transferred to this center as he used a contraband smartphone to continue directing his former pharmaceutical company even when held in a Fort Dix, New Jersey prison.
The charges claim that Martin was involved in defrauding investors in two hedge funds related to the healthcare industry under his administration. According to the pieces of evidence, the Brooklyn federal court jury found Martin guilty of conspiracy accomplished to manipulate shares in Retrophin, a drug company. On the brighter side, Martin is freed from the other five charges imposed on him.
After the conviction, Kiyo Matsumoto who is the judge in the U.S. District Court annulled Martin’s release bond. This action was taken after the supporters of President Donald Trump a bounty of $5,000 via social media.
Kiyo Matsumoto acknowledged the action as “a solicitation of an assault in exchange for money that is not protected by the First Amendment”.