A federal appeals court on Tuesday upheld a lifetime ban on Martin Shkreli working in the pharmaceutical industry and ordered him to pay a multimillion-dollar disgorgement fine for illegally hiking drug prices.
“Given Shkreli’s pattern of past misconduct, the obvious likelihood of its recurrence and the life-threatening nature of its results, we are persuaded that the district court’s determination as to the proper scope of the injunction was well within its discretion,” the court said in its ruling.
In January 2022, a federal district court found that Shkreli had illegally maintained a monopoly over the drug Daraprim, an anti-parasite medication used to treat HIV patients and others with compromised immune systems, for which his company raised its price by 4,000% from $13.50 a tablet to $750.
As punishment, it imposed a lifetime pharmaceutical ban upon Shkreli and found him liable for $64.4 million in disgorgement.
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