Martin Shkreli, also known as the “Pharma Bro,” lost his conviction appeal case to gain early release. The former pharmaceutical boss will have to serve out the rest of his seven-year prison sentence for securities fraud.
The appeals court judges ruled against Shkreli by a 3-0 vote. In addition to ordering him to stay in prison, the judges affirmed that he must forfeit more than $7.3 million, pay restitution of $388,336 and pay a $75,000 fine.
Shkreli gained a high profile in 2015 when, as the CEO of Turing Pharmaceuticals, he hiked the price of the lifesaving HIV drug Daraprim by more than 5,000%. His prison term is unrelated to that infamous move; instead, Shkreli was found guilty of securities fraud after being accused of cheating investors in two failed hedge funds and another drug company Retrophin, which he formerly ran.
Shkreli was convicted in August 2017 on three out of eight fraud charges; he could have been sentenced to a prison term as long as 20 years.
The Pharma Dweeb made headlines for purchasing the Wu-Tang Clan’s Once Upon a Time in Shaolin album for $2 million, along with infamously jacking up the price of an HIV drug from $13.50 to $750 per pill.
Pharma Dweeb Martin Shkreli Loses Conviction Appeal was originally published on hiphopwired.com