Thursday, December 01, 2022

‘Pharma bro’ Martin Shkreli released early from prison

'Pharma bro' Martin Shkreli released early from prison

“Pharma Brother” Martin Shkreli is out of prison after serving a little over half his sentence.

The US Bureau of Prisons confirmed Wednesday that Shkreli, serving a seven-year sentence for securities fraud, has been moved out of a federal correctional institution and into a “community confinement” facility.

“Community confinement means the prisoner is either in home confinement or in a residential reentry center (RRC, or half-house),” the bureau said in an emailed statement. “The estimated release date of Shkreli from the custody of Mr. BOP is September 14, 2022.

The 39-year-old former hedge fund manager rose to prominence in 2015 when his company, Turing Pharmaceuticals, acquired the rights to the life-saving drug Daraprim, then increased the price by more than 5,000%.

Before the acquisition, Daraprim, which is used to treat AIDS, malaria and cancer patients, cost $13.50 per pill. In an act criticized by critics as exorbitant pricing, Shkreli raised it to $750.

(That price remained in place until the Food and Drug Administration approved a generic version of the drug in 2020, ending Turing Pharmaceuticals’ monopoly.)

In 2017 a jury found Shkreli guilty of defrauding investors in two hedge funds he operated by sending fake account statements and concealing huge losses. The jury selection for Shkreli’s trial took longer than expected because so many potential jurors showed a deep disdain for the executive.

Shkreli has been in prison since September of that year when his bail was revoked for offering a $5,000 Facebook reward for a strand of Hillary Clinton’s hair.

In addition to a seven-year sentence, Shkreli had to forfeit $7.36 million, including a one-of-a-kind Wu-Tang Clan album he had bought for $2 million.

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