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erienewsnow.com 14 Jan, 2022 23:45 am

Judge bans 'Pharma Bro' Martin Shkreli from pharmaceutical industry 'for life' - Erie News Now

Judge bans 'Pharma Bro' Martin Shkreli from pharmaceutical industry 'for life' - Erie News Now
By Sonia Moghe, CNN

By Sonia Moghe, CNN A federal judge ruled Friday former pharmaceutical executive Martin Shkreli should be barred "for life" from participating in the pharmaceutical industry and ordered him to pay nearly $65 million in fines to seven states."Based on the trial evidence, Shkreli will be barred for life from participating in the pharmaceutical industry and is ordered to disgorge $64.New York Attorney General Letita James, representing one of the states that will receive money from the fine, said in a statement the court's decision puts corporate executives on notice her office is prepared to seek personal accountability for anticompetitive conduct that impedes people's access to affordable medications.Shkreli," James said in a statement.

The decision by US District Judge Denise Cote Friday was part of a civil case brought by the Federal Trade Commission, and attorneys general for New York, California, Ohio, Pennsylvania, Illinois, North Carolina and Virginia in 2020, who alleged Shkreli violated federal and state laws that ban anticompetitive conduct.Shkreli was convicted of securities fraud and conspiracy in 2017 for defrauding investors out of more than $10 million between 2009 and 2014 in what prosecutors called a Ponzi scheme.

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