Federal Appeals Court Upholds 7-Year Fraud Conviction Against “Pharma Boy” Martin Shkreli
A federal court of appeals has affirmed the 7-year fraud conviction against Martin Shkreli, aka Pharma Boy; who was sentenced last year on charges of looting a drug company he founded, Retrophin.
Additionally, Shkreli stole $11 million in stock and cash to pay investors in two failed hedge funds he operated, and in addition to his sentencing, he’s to fork over $7.3 million in assets.
In addition to failed hedge fund activity, Pharma Boy gained notoriety for buying the rights to lifesaving drugs at one company to promptly raise its price from $13.50 to $750 per pill via his own. He’s also known for purchasing the one-of-a-kind Wu-Tang Clan album, ‘Once Upon a Time in Shaolin,’ for $2 million.
So, of those assets are the album, money currently frozen in an E*Trade account and his interest in pharmaceutical company, Phoenixus, formerly Vyera.