Supreme Court turns down Martin Shkreli's latest appeal, leaving 'pharma bro' to 7-year sentence
Martin Shkreli will continue to serve out his sentence after the latest appeal to overturn his conviction was rejected by the Supreme Court.
Better known outside biotech circles as “pharma bro,” Shkreli was sentenced to seven years in federal prison on three felony fraud convictions relating to two hedge funds and one biotech, Retrophin, he founded. The Supreme Court justices refused to hear his appeal, which would have also involved a $7.36 million forfeiture.
“It was a long shot,” Shkreli’s new lawyer Mark Baker told Reuters. “We’re disappointed, but will move on.”
Despite being locked up, Shkreli has managed to stay in the public eye by blogging and later allegedly running Phoenixus (a reborn Turing Pharmaceuticals) remotely using a contraband cell phone. The scheme, detailed in a Wall Street Journal exposé, was designed to ramp up the company’s value to $3.7 billion by the time he is freed in 2023. Having read up on the latest pharmaceutical research, he had his eyes set on more rare disease drugs and an ambitious R&D agenda.
Turing was where Shkreli first got infamous. After acquiring an HIV drug, the company raised the cost more than 50-fold from $13.5 to $750 per pill.
Controversial as it was, all of that was and remains completely legal. Shkreli’s crimes had to do with cheating investors — something that he disputed as some of them received profits. In the latest appeal, Shkreli also argued that the jury instructions about the harm done to them undermined his defense that he had acted in good faith.
In July, three judges in an appeals court rejected those claims and upheld both the sentence and the forfeiture.
Shkreli is currently imprisoned in Allenwood, Pennsylvania, where he transferred from Fort Dix after officials launched a probe into his business dealings behind bars.