A federal judge just gave pharma price gouger Martin Shkreli a hard dose of karma

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Karma’s a bitch they say. If you need proof look at the fate of Martin Shkreli.

Shkreli is the insufferably arrogant former CEO of Turing Pharmaceuticals who earned the position as the most reviled man in America when he arbitrarily raised the price of a crucial anti-parasitic drug used to treat AIDS patients from $13.50 per pill to $750 per pill overnight.

If that was Shkreli’s only offense he might not be in the situation he finds himself in today, sitting awaiting sentencing at the Metropolitan Detention Center in Brooklyn, New York.

The 34-year-old former wunderkind was convicted last August on two counts of securities fraud and one count of conspiracy to commit securities fraud in connection with an investment fund he managed that prosecutors proved was run as a ponzi scheme.

Shortly after his conviction, Shkreli had his bail revoked by the judge in the case after he posted an offer on Facebook post promising $5,000 for a strand of Hillary Clinton’s hair. The judge perceived the offer as a solicitation to assault, which is not protected under the First Amendment. Since then he’s been sitting in a cell in Brooklyn which some of the more forgiving may consider sufficient payback.

Today, however, according to Reuters, the judge increased Shkreli’s penalty for defrauding investors, ordering him to forfeit $7.36 million in assets in the case. U.S. District Judge Kiyo Matsumoto pointed to the $5 million the so-called “Pharma Bro” still had in his brokerage accounts, his stake in Turning (now renamed Vyera Pharmaceuticals), a Picasso painting he owns, and the only copy ever made of the Wu-Tang Clan album “Once Upon a Time in Shaolin,” which Shkreli bought at auction for a reported $2 million.

While the forfeiture of assets may be causing Shkreli considerable anxiety at the moment, his sentencing this Friday may make him feel even worse. He faces up to 20 years in prison,

The post A federal judge just gave pharma price gouger Martin Shkreli a hard dose of karma appeared first on Washington Press.

 

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