Shkreli’s infamous 4,000% price hike gets him a lifetime pharma ban

Martin Shkreli looks disappointed.

Enlarge / Martin Shkreli. (credit: Getty | Drew Angerer)

A federal court on Friday banned convicted fraudster Martin Shkreli from ever working in the pharmaceutical industry again in any capacity and ordered him to pay back $64.6 million in profits from his infamous scheme that raised the price of the life-saving drug Daraprim more than 4,000 percent.

US District Judge Denise Cote issued the lifetime ban after finding that Shkreli engaged in anticompetitive practices to protect the monopoly profits of Daraprim.

According to a lawsuit filed by the Federal Trade Commission and seven states—New York, California, Illinois, North Carolina, Ohio, Pennsylvania, and Virginia—Shkreli, his former pharmaceutical company Vyera (formerly Turing), and former Vyera CEO Kevin Mulleady created a “web of anticompetitive restrictions to box out the competition” in 2015 after they bought the rights to Daraprim.

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