US Supreme Court Rejects Ex-Turning Pharmaceuticals CEO Shkreli's Appeal - Order
Mohammad Ali (@ChaudhryMAli88) Published November 19, 2019 | 02:40 AM
WASHINGTON (UrduPoint News / Sputnik - 19th November, 2019) The US Supreme Court rejected former Turning Pharmaceuticals CEO Martin Shkreli's petition to appeal his seven-year sentence and forfeit the imposed $7.36 million fine.
Shkreli was convicted in 2017 and sentenced the following year on two counts of securities fraud and one count of conspiracy to commit securities fraud for misleading investors on vital details and the bleak financial market performance of the MSMB Capital and MSMB Healthcare hedge funds he oversaw.
In 2015, Shkreli gained notoriety when Turing Pharmaceuticals raised the price of the medication Daraprim by more than 5,000 percent.
Daraprim is used to treat a common parasite that can cause debilitating or even fatal infections in individuals with a compromised immune system, such as those who have contracted HIV/AIDS.
Shkrekli's lawyer Mark Baker told CNBC after the ruling that his client is disappointed by the Supreme Court's decision.
The Supreme Court also ordered Shkreli to surrender his ownership of a $5-million stock account used as collateral for a now-revoked release bond.
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