The Supreme Court has rejected an appeal from Martin Shkreli, popularly known as “Pharma Bro,” upholding a $64.6 million profit return order.
He had appealed the order for him to return profits after monopolizing the market.
The big picture: Shkreli’s lawyers argued that the profits from monopolizing a life-saving drug went to his company, not him personally, but prosecutors contended that he should bear responsibility for repaying the profits.
- Shkreli, who was previously dubbed Pharma Bro for drastically increasing the price of a medication, was released from prison in 2022 after serving much of a seven-year sentence for fraud and has been ordered to forfeit the Wu-Tang Clan’s Once Upon a Time in Shaolin album, among other penalties.
Driving the news: Shkreli’s controversial business practices included raising the price of Daraprim from $13.50 to $750 per pill, sparking outrage from the medical community to Congress.
