Martin Shkreli

Shkreli was born in Coney Island Hospital in the New York City borough of Brooklyn on March 17, 1983.{{cite magazine |url=https://www.newyorker.com/sections/business/the-strange-defense-of-martin-shkreli |title=The Strange Defense of Martin Shkreli |magazine=The New Yorker |date=July 17, 2017 |access-date=June 12, 2022 |last1=Kolhatkar |first1=Sheelah |archive-date=July 11, 2022 |archive-url=https://web.archive.org/web/20220711180747/https://www.newyorker.com/sections/business/the-strange-defense-of-martin-shkreli |url-status=live }}{{cite web|url=https://www.vanityfair.com/news/2015/12/martin-shkreli-pharmaceuticals-ceo-interview|title=Everything You Know About Martin Shkreli Is Wrong – or Is It?|access-date=August 23, 2018|magazine=Vanity Fair|author=McLean, Bethany|date=December 18, 2015|issn=0733-8899|quote=He was born on April Fools' Day 1983, to Albanian immigrants|archive-date=July 30, 2018|archive-url=https://web.archive.org/web/20180730124342/https://www.vanityfair.com/news/2015/12/martin-shkreli-pharmaceuticals-ceo-interview|url-status=live}} His parents were Roman Catholic Albanians, and he said his religion has been "a guiding post" for him, although he does not believe in God.Archived at [https://ghostarchive.org/varchive/youtube/20211205/WvPbCODxaXc Ghostarchive]{{cbignore}} and the [https://web.archive.org/web/20201217011740/https://www.youtube.com/watch?v=WvPbCODxaXc Wayback Machine]{{cbignore}}: {{cite web| url = https://www.youtube.com/watch?v=WvPbCODxaXc| title = Shkreli's view on religion (01 Mar 2017) | website=YouTube}}{{cbignore}} His parents emigrated to the United States from Albania and worked as janitors. His family descend from the Shkreli tribe in Albania.{{cite web|author=Ortiz, Erik|author2=Dienst, Jonathan|author3=Valiquette, Joe|author4=Hastey, Alicia|url=https://www.nbcnews.com/business/business-news/fbi-arrests-controversial-turing-pharmaceuticals-ceo-martin-shkreli-report-n481671|title=FBI Arrests Pharma CEO Martin Shkreli on Securities Fraud Charges|date=December 17, 2015|publisher=NBC News|location=New York|access-date=August 23, 2018|archive-date=August 3, 2018|archive-url=https://web.archive.org/web/20180803110033/https://www.nbcnews.com/business/business-news/fbi-arrests-controversial-turing-pharmaceuticals-ceo-martin-shkreli-report-n481671|url-status=live}} His two sisters, and his brother grew up in a working-class community in Sheepshead Bay, Brooklyn.{{cite news |author1=Creswell, Julie |author2=Clifford, Stephanie |author3=Pollack, Andrew |author4=Goldstein, Matthew |author5=Chen, David |date=December 17, 2015 |title=Drug C.E.O. Martin Shkreli Arrested on Fraud Charges |pages=A1, B6 |newspaper=The New York Times |url=https://www.nytimes.com/2015/12/18/business/shkreli-fraud-charges.html |url-status=live |access-date=February 25, 2017 |archive-url=https://web.archive.org/web/20160205001624/http://www.nytimes.com/2015/12/18/business/shkreli-fraud-charges.html |archive-date=February 5, 2016 |issn=0362-4331 |quote=Mr. Shkreli, a pharmaceutical industry entrepreneur...}}{{cite news|date=September 23, 2015|work=BBC News|url=https://www.bbc.com/news/world-us-canada-34331761|title=Who is Martin Shkreli – 'the most hated man in America'?|author=Thomas, Zoe|author2=Swift, Tim|location=London|access-date=June 21, 2018|archive-date=December 31, 2015|archive-url=https://web.archive.org/web/20151231023200/http://www.bbc.com/news/world-us-canada-34331761|url-status=live}}{{cite web|author=Pearson, Erica|date=March 9, 2015|title=Hunter College High School gets record $1M gift from grad|url=http://www.nydailynews.com/new-york/martin-shkreli-thanks-math-teacher-biz-success-article-1.2143505|newspaper=Daily News|location=New York|access-date=December 11, 2015|archive-date=January 24, 2016|archive-url=https://web.archive.org/web/20160124202249/http://www.nydailynews.com/new-york/martin-shkreli-thanks-math-teacher-biz-success-article-1.2143505|url-status=live}} Shkreli was raised Catholic and attended Sunday school as a child.{{cite web|url=https://www.gq-magazine.co.uk/article/martin-shkreli|title=Martin Shkreli: the most hated millennial in America|website=British GQ|date=January 3, 2017|access-date=December 10, 2019|archive-date=December 10, 2019|archive-url=https://web.archive.org/web/20191210215332/https://www.gq-magazine.co.uk/article/martin-shkreli|url-status=live}}

Shkreli attended Hunter College High School. Sources differ on whether Shkreli graduated from Hunter or whether he was expelled before his senior year and received the credits necessary for his high school diploma through City-As-School High School.{{cite news|last1=Chen|first1=David W.|first2=Eli|last2=Rosenberg|orig-date=1st puborn December 18, 2015|title=Martin Shkreli's Arrest Fuels Debate Over $1 Million Donation|url=https://www.nytimes.com/2015/12/19/nyregion/a-surprise-gift-from-martin-shkreli-who-became-a-hated-ceo.html|newspaper=The New York Times|access-date=February 7, 2016|date=December 24, 2015|page=A17|issn=0362-4331|archive-date=December 31, 2015|archive-url=https://web.archive.org/web/20151231155406/http://www.nytimes.com/2015/12/19/nyregion/a-surprise-gift-from-martin-shkreli-who-became-a-hated-ceo.html|url-status=live}}{{cite web|access-date=June 15, 2021|title=Martin Shkreli, the bad boy of pharma, makes no apologies|url=https://www.seattletimes.com/business/martin-shkreli-the-bad-boy-of-pharma-makes-no-apologies/|date=December 13, 2015|website=The Seattle Times|archive-date=June 16, 2021|archive-url=https://web.archive.org/web/20210616043409/https://www.seattletimes.com/business/martin-shkreli-the-bad-boy-of-pharma-makes-no-apologies/|url-status=live}} He ended up in a program that placed him in an internship at Wall Street hedge fund Cramer, Berkowitz and Company when he was 17.{{cite news|author=Pollack, Andrew|author2=Creswell, Julie|date=September 22, 2015|url=https://www.nytimes.com/2015/09/23/business/big-price-increase-for-an-old-drug-will-be-rolled-back-turing-chief-says.html|title=Martin Shkreli, the Mercurial Man Behind the Drug Price Increase That Went Viral|newspaper=The New York Times|page=B1|issn=0362-4331|access-date=February 25, 2017|archive-date=December 6, 2015|archive-url=https://web.archive.org/web/20151206233054/http://www.nytimes.com/2015/09/23/business/big-price-increase-for-an-old-drug-will-be-rolled-back-turing-chief-says.html|url-status=live}} Shkreli received a bachelor's degree in business administration from Baruch College in 2004.{{Cite web |date=2018-03-14 |title=Reich: Even after sentencing, America still has a Shkreli problem |url=https://www.baltimoresun.com/opinion/op-ed/bs-ed-op-0314-reich-shkreli-20180313-story.html |access-date=2023-10-11 |website=Baltimore Sun |archive-date=November 4, 2023 |archive-url=https://web.archive.org/web/20231104095648/https://www.baltimoresun.com/opinion/op-ed/bs-ed-op-0314-reich-shkreli-20180313-story.html |url-status=live }}

Shkreli told Vanity Fair that he developed an interest in chemistry when a family member suffered from treatment-resistant depression.

During Shkreli's time at Cramer, Berkowitz and Company, he recommended short-selling the stock of Regeneron Pharmaceuticals, a biotech company testing a weight-loss drug. When its price dropped in accordance with Shkreli's prediction, Cramer's hedge fund profited. Shkreli's prediction drew the attention of the Securities and Exchange Commission, which investigated Shkreli's knowledge about the stock but was unable to prove wrongdoing on his part.{{cite web|last1=Barrett|first1=Paul|title=Retrophin's Martin Shkreli, the Biotech Short Seller Who Went Long|url=https://www.bloomberg.com/bw/articles/2014-04-17/retrophins-martin-shkreli-the-biotech-short-seller-who-went-long|access-date=December 17, 2015|work=Bloomberg Businessweek|issn=0007-7135|date=April 17, 2014|quote=Once a Notorious Short Seller, Martin Shkreli Now Sees a Future in Biotech|archive-date=December 17, 2015|archive-url=https://web.archive.org/web/20151217184440/http://www.bloomberg.com/bw/articles/2014-04-17/retrophins-martin-shkreli-the-biotech-short-seller-who-went-long|url-status=live}}

After four years as an associate at Cramer Berkowitz, Shkreli worked as a financial analyst for Intrepid Capital Management and UBS Wealth Management.{{cite news| url= http://www.thestreet.com/author/1101137/MartinShkreli/all.html| title= Martin Shkreli| website= TheStreet.com| access-date= December 17, 2015| archive-url= https://web.archive.org/web/20151222145547/http://www.thestreet.com/author/1101137/MartinShkreli/all.html| archive-date= December 22, 2015}} He then started his first hedge fund, Elea Capital Management, in 2006.{{cite news|url=https://www.nytimes.com/2015/12/18/business/dealbook/shkreli-indictment-portrays-small-time-fraud.html|title=Shkreli Indictment Portrays Small-Time Fraud|date=December 18, 2015|newspaper=The New York Times|access-date=February 25, 2017|archive-date=July 8, 2017|archive-url=https://web.archive.org/web/20170708134955/https://www.nytimes.com/2015/12/18/business/dealbook/shkreli-indictment-portrays-small-time-fraud.html|url-status=live}} In 2007, Lehman Brothers sued Elea in New York state court for failing to cover a 'put option transaction' in which Shkreli bet the wrong way on a broad market decline. When stocks rose, Shkreli did not have the money to cover his losses. In October 2007, Lehman Brothers won a $2.3 million default judgment against Shkreli and Elea, but Lehman collapsed before it could collect on the ruling.

In September 2009, Shkreli and a childhood friend Marek Biestek started MSMB Capital Management,La Roche, Julia; Jacobs, Peter (December 17, 2015). [http://www.businessinsider.com/martin-shkreli-arrested-in-securities-fraud-investigation-2015-12 "Hedge funder Martin Shkreli has been arrested in a securities-fraud investigation"] {{Webarchive|url=https://web.archive.org/web/20151217214513/http://www.businessinsider.com/martin-shkreli-arrested-in-securities-fraud-investigation-2015-12 |date=December 17, 2015 }}, Business Insider, December 2015. which took its name from the initials of the two. Shkreli and Biestek shorted biotech companies, then described flaws in the companies on stock trading chat rooms.

On February 1, 2011, in a naked short sale on an account it held with Merrill Lynch, MSMB Capital sold short 32 million shares of Orexigen Therapeutics stock at about $2.50 per share the day after its price plunged from $9.09, when the Food and Drug Administration (FDA) declined to approve the drug naltrexone/bupropion (Contrave).{{cite news| url= https://www.nytimes.com/2011/02/02/business/02drug.html| title= FDA Declines to Approve Diet Drug| date= February 1, 2011| first= Andrew| last= Pollack| quote= Shares of Orexigen plunged 72.5 percent on Tuesday, to $2.50| newspaper= The New York Times| access-date= February 25, 2017| archive-date= December 4, 2017| archive-url= https://web.archive.org/web/20171204012616/http://www.nytimes.com/2011/02/02/business/02drug.html| url-status= live}}{{cite press release|quote=In February 2011, MSMB Capital failed to settle a short position of more than 11 million shares of Orexigen Therapeutics ... that Merrill Lynch ultimately closed at a loss of over $7 million |url= https://www.fbi.gov/newyork/press-releases/2015/former-hedge-fund-manager-and-new-york-attorney-indicted-in-multi-million-dollar-fraud-scheme |date=December 17, 2015 |publisher=Federal Bureau of Investigation |title=Former Hedge Fund Manager and New York Attorney Indicted in Multi‑Million‑Dollar Fraud Scheme |archive-url=https://web.archive.org/web/20151231040349/http://www.fbi.gov/newyork/press-releases/2015/former-hedge-fund-manager-and-new-york-attorney-indicted-in-multi-million-dollar-fraud-scheme |archive-date=December 31, 2015 |url-status=live }} The stock price rebounded; MSMB could not cover the position, although it had told Merrill Lynch that it could.{{cite web|url=https://www.latimes.com/business/hiltzik/la-fi-mh-martin-shkreli-was-one-terrible-investor-20151217-column.html|title=Martin Shkreli was one terrible investor, SEC document shows|last1=Hiltzik|first1=Michael|date=December 17, 2015|newspaper=Los Angeles Times|access-date=August 8, 2016|archive-date=August 12, 2016|archive-url=https://web.archive.org/web/20160812215247/http://www.latimes.com/business/hiltzik/la-fi-mh-martin-shkreli-was-one-terrible-investor-20151217-column.html|url-status=live}} Merrill Lynch lost $7 million on the trade and MSMB Capital was virtually wiped out. Retrophin's 2015 SEC Complaint contended Shkreli had created MSMB Healthcare and Retrophin "so that he could continue trading after MSMB Capital became insolvent and to create an asset that he might be able to use to placate his MSMB Capital investors."

In 2011, Shkreli filed requests with the FDA to reject a new cancer diagnostic device from Navidea Biopharmaceuticals and an inhalable insulin therapy from MannKind Corporation while publicly short-selling both companies' stocks, the values of which dropped after Shkreli's interventions. The companies had difficulty launching the products as a result, although the FDA ultimately approved both.{{cite web|last=Silverman|first=Ed|url=https://www.bostonglobe.com/business/2015/09/25/how-martin-shkreli-biotech-pariah-put-cancer-patients-risk/fxjUV8alj28LESmmOF7IbO/story.html|title=Biotech Exec Martin Shkreli Has History of Tough Tactics|newspaper=The Boston Globe|date=September 26, 2015|access-date=September 28, 2015|archive-date=September 28, 2015|archive-url=https://web.archive.org/web/20150928152540/https://www.bostonglobe.com/business/2015/09/25/how-martin-shkreli-biotech-pariah-put-cancer-patients-risk/fxjUV8alj28LESmmOF7IbO/story.html|url-status=live}}{{cite web|url=http://www.finalternatives.com/node/21072|title=Hedge Fund Manager Denies CREW Allegations|date=July 17, 2012|work={{not a typo|FIN|alternatives}}|access-date=December 18, 2015|archive-url=https://web.archive.org/web/20170318190657/http://www.finalternatives.com/node/21072|archive-date=March 18, 2017}}

In 2011, MSMB made an unsolicited cash bid for AMAG Pharmaceuticals at a price of $378 million.{{cite web|work=Bloomberg Businessweek|issn=0007-7135|url=https://www.bloomberg.com/news/2011-08-03/msmb-capital-offers-378-million-to-take-over-anemia-drug-maker-amag.html|title=MSMB Capital Makes Unsolicited $378M Bid For AMAG Pharmaceuticals|date=October 3, 2011|first=Alex|last=Nussbaum|access-date=December 9, 2015|archive-date=October 20, 2014|archive-url=https://web.archive.org/web/20141020132136/http://www.bloomberg.com/news/2011-08-03/msmb-capital-offers-378-million-to-take-over-anemia-drug-maker-amag.html|url-status=live}} Matthew Herper of Forbes wrote that the attempted hostile takeover was "done for the specific purpose of firing the company's management and stopping a proposed merger with Allos Therapeutics. When the merger plans stopped, so did Shkreli."{{cite web| url= https://www.forbes.com/sites/matthewherper/2012/12/18/30-under-30-hedge-fund-gadfly-turns-biotech-entrepreneur/#260b9c6376de| title= 30 Under 30: Hedge Fund Gadfly Turns Biotech Entrepreneur| last1= Herper| first1= Matthew| date= December 18, 2012| via= forbes.com| magazine= Forbes| access-date= August 8, 2016| archive-date= November 21, 2017| archive-url= https://web.archive.org/web/20171121091737/https://www.forbes.com/sites/matthewherper/2012/12/18/30-under-30-hedge-fund-gadfly-turns-biotech-entrepreneur/#260b9c6376de| url-status= live}}

{{Infobox company

| name = Travere Therapeutics, Inc.

| former_name = Retrophin, Inc. (2011–2020)

| traded_as = {{ubl| {{Nasdaq|TVTX}} |Russell 2000 component |{{NASDAQ was|RTRX}} (2012–2020)}}

| founded = {{start date and age|2011}}

}}

Shkreli founded Retrophin (a portmanteau of "Recombinant dystrophin") in 2011 under the MSMB umbrella and ran it as a portfolio company with an emphasis on biotechnology, to create treatments for rare diseases.Silverman, Ed (December 17, 2015). [http://www.statnews.com/2015/12/17/17920/ "Reviled CEO Martin Shkreli arrested on securities fraud charges"]. STAT. Boston Globe Media Partners.{{cite web|url=http://www.retrophin.com/aboutus.html |archive-url=https://web.archive.org/web/20111230124848/http://www.retrophin.com/aboutus.html |archive-date=December 30, 2011 |title=Retrophin: About Us }}

In December 2012, Shkreli was chosen for the Forbes 30 Under 30.{{Cite web|url=https://www.forbes.com/special-report/2012/30-under-30/30-under-30_finance.html|title=30 Under 30: Finance|date=December 17, 2012|work=Forbes}} The publication regretted it eleven years later, placing Shkreli in its "Hall of Shame", a list of ten notably bad picks.{{Cite web|url=https://www.forbes.com/sites/forbesunder30team/2023/11/28/hall-of-shame-the-10-most-dubious-people-ever-to-make-our-30-under-30-list/|title=Hall Of Shame: The 10 Most Dubious People Ever To Make Our 30 Under 30 List|website=Forbes|access-date=November 29, 2023|archive-date=November 29, 2023|archive-url=https://web.archive.org/web/20231129014206/https://www.forbes.com/sites/forbesunder30team/2023/11/28/hall-of-shame-the-10-most-dubious-people-ever-to-make-our-30-under-30-list/|url-status=live}}{{cite news | url=https://www.theverge.com/2023/11/29/23980764/forbes-publishes-30-under-30-hall-of-shame | title=Forbes publishes 30 Under 30 "Hall of Shame." | date=November 29, 2023 | access-date=February 29, 2024 | archive-date=December 15, 2023 | archive-url=https://web.archive.org/web/20231215212506/https://www.theverge.com/2023/11/29/23980764/forbes-publishes-30-under-30-hall-of-shame | url-status=live |work=The Verge}}

Retrophin's board decided to replace Shkreli in September 2014, and he resigned from the company the following month.{{cite web|url=https://www.sec.gov/Archives/edgar/data/1438533/000119312515292581/d19898dex991.htm|title=EX-99.1, Retrophin, Inc. v. Martin Shkreli|author=United States District Court for the Southern District of New York|website=SEC.gov (EDGAR)|publisher=United States Securities and Exchange Commission|date=October 17, 2015|access-date=September 22, 2015|author-link=United States District Court for the Southern District of New York|archive-date=September 20, 2015|archive-url=https://web.archive.org/web/20150920034239/http://www.sec.gov/Archives/edgar/data/1438533/000119312515292581/d19898dex991.htm|url-status=live}} He was replaced by Stephen Aselage.{{cite web|title=Stephen J. Aselage biography|publisher=Bloomberg|date=September 22, 2015|url=https://www.bloomberg.com/research/stocks/people/person.asp?personId=207372&ticker=BMRN|access-date=September 22, 2015|archive-date=September 29, 2015|archive-url=https://web.archive.org/web/20150929113527/http://www.bloomberg.com/research/stocks/people/person.asp?personId=207372&ticker=BMRN|url-status=live}} During Shkreli's tenure as CEO, the company's employees used alias Twitter accounts to make gangster rap jokes and encourage short selling of other biotech stocks.{{cite news|url=http://www.thestreet.com/story/12839330/1/retrophin-ceo-under-fire-for-twitter-faux-pas.html|title=Retrophin CEO Under Fire for Twitter Faux Pas|first=Adam|last=Feuerstein|author-link=Adam Feuerstein|website=TheStreet.com|date=August 11, 2014 |access-date=December 21, 2015|archive-date=December 24, 2015|archive-url=https://web.archive.org/web/20151224162858/http://www.thestreet.com/story/12839330/1/retrophin-ceo-under-fire-for-twitter-faux-pas.html|url-status=live}}

After Shkreli's departure, Retrophin filed a {{US$|65 million}} lawsuit against him in August 2015, claiming that he had breached his duty of loyalty to the biopharmaceutical company in a long-running dispute over his use of company funds{{cite web|last=Weintraub|first=Arlene|date=October 15, 2015|magazine=Forbes|url=https://www.forbes.com/sites/arleneweintraub/2015/08/18/retrophin-sues-founder-martin-shkreli-for-65m-his-reply-preposterous|title=Retrophin Sues Founder Martin Shkreli For $65M. His Reply: 'Preposterous'|access-date=December 10, 2015|archive-date=December 7, 2015|archive-url=https://web.archive.org/web/20151207003913/http://www.forbes.com/sites/arleneweintraub/2015/08/18/retrophin-sues-founder-martin-shkreli-for-65m-his-reply-preposterous/|url-status=live}}{{cite web|last1=Milford|first1=Phil|last2=Tracer|first2=Zachary|magazine=Bloomberg Businessweek|issn=0007-7135|url=https://www.bloomberg.com/news/articles/2015-08-17/retrophin-sues-founder-shkreli-for-65-million-in-u-s-court|title=Retrophin Sues Founder in Latest Fight Over Use of Funds|date=August 17, 2015|access-date=September 22, 2015|archive-date=September 29, 2015|archive-url=https://web.archive.org/web/20150929064500/http://www.bloomberg.com/news/articles/2015-08-17/retrophin-sues-founder-shkreli-for-65-million-in-u-s-court|url-status=live}} and "committed stock-trading irregularities and other violations of securities rules."{{cite web|last=Barrett|first=Paul|date=October 2, 2014|title=Executives: Biotech Company Retrophin Fired CEO Because of Stock Irregularities|url=https://www.bloomberg.com/bw/articles/2014-10-02/biotech-company-retrophin-fired-ceo-because-of-stock-irregularities|magazine=Bloomberg Businessweek|issn=0007-7135|access-date=December 10, 2015|archive-date=November 22, 2015|archive-url=https://web.archive.org/web/20151122112511/http://www.bloomberg.com/bw/articles/2014-10-02/biotech-company-retrophin-fired-ceo-because-of-stock-irregularities|url-status=live}} The lawsuit alleged that Shkreli had threatened and harassed a former MSMB employee and his family.{{cite web|last=Mangan|first=Dan|title=Controversial Drug CEO was Accused of Serious 'Harassment'|publisher=CNBC|url=https://www.cnbc.com/2015/09/22/controversial-drug-ceo-was-accused-of-serious-harassment.html|date=September 22, 2015|access-date=December 10, 2015|archive-date=November 16, 2015|archive-url=https://web.archive.org/web/20151116081946/http://www.cnbc.com/2015/09/22/controversial-drug-ceo-was-accused-of-serious-harassment.html|url-status=live}}

Shkreli and some of his business associates have been under criminal investigation by the U.S. Attorney for the Eastern District of New York since January 2015. Shkreli invoked his Fifth Amendment right against self-incrimination in order to avoid testifying during civil depositions.{{cite web|last=Eichenwald|first=Kurt|date=September 23, 2015|title=Federal Prosecutors Target Martin Shkreli in a Criminal Investigation|url=http://www.newsweek.com/martin-shkreli-drug-manipulation-daraprim-retrophin-375416|magazine=Newsweek|access-date=September 27, 2015|archive-date=September 26, 2015|archive-url=https://web.archive.org/web/20150926200324/http://www.newsweek.com/martin-shkreli-drug-manipulation-daraprim-retrophin-375416|url-status=live}}{{cite web|last=Barrett|first=Paul|date=February 23, 2015|title=Biotech's 'Boy Genius' Faces New Allegations of Wrongdoing|quote=Subtitle: Retrophin fired former CEO Martin Shkreli in October, and their new SEC filing reveals more about his apparent misdeeds.|url=https://www.bloomberg.com/news/articles/2015-02-23/biotech-s-boy-genius-faces-new-allegations-of-wrongdoing|magazine=Bloomberg Businessweek|issn=0007-7135|access-date=December 10, 2015|archive-date=November 15, 2015|archive-url=https://web.archive.org/web/20151115213214/http://www.bloomberg.com/news/articles/2015-02-23/biotech-s-boy-genius-faces-new-allegations-of-wrongdoing|url-status=live}}

Shkreli's name is on two patents held by Retrophin for drugs to treat PKAN.{{cite patent|country=US|number=8673883|status=patent|title=Pantothenate derivatives for the treatment of neurologic disorders}}

{{cite patent|country=US|number=9181286|status=patent|title=Pantothenate derivatives for the treatment of neurologic disorders}}{{cite web|url=https://patents.google.com/patent/WO2013163576A1|title=Google patents|access-date=December 23, 2015|archive-date=December 22, 2015|archive-url=https://web.archive.org/web/20151222145302/https://www.google.com/patents/WO2013163576A1|url-status=live}}

In November 2020, Eric Dube, Retrophin's new chief executive, announced the company would be rebranded as Travere Therapeutics Inc. in an effort to further distance the company from Shkreli, and said the company is no longer working on treatments for the disease from which the company takes its name.{{Cite news |last=Armental |first=Maria |date=November 16, 2020 |title=WSJ News Exclusive {{!}} Retrophin, Founded by Martin Shkreli, Rebrands Itself as Travere Therapeutics |language=en-US |newspaper=The Wall Street Journal |url=https://www.wsj.com/articles/retrophin-founded-by-martin-shkreli-rebrands-itself-as-travere-therapeutics-11605531600 |access-date=November 16, 2020 |issn=0099-9660 |archive-date=November 16, 2020 |archive-url=https://web.archive.org/web/20201116160325/https://www.wsj.com/articles/retrophin-founded-by-martin-shkreli-rebrands-itself-as-travere-therapeutics-11605531600 |url-status=live }}

In July 2017, at Shkreli's criminal trial, Aselage, who was hired by Shkreli in October 2012, and replaced him at Retrophin in 2014, testified "He's a brilliant intellect, visionary" but also someone who was called a "Pied Piper" and whom Aselege "worried about not always getting 'straight answers' from".{{Cite news|url=https://www.reuters.com/article/us-usa-crime-shkreli-idUSKBN19Y2UI|title=CEO of Martin Shkreli's old company likens him to 'Pied Piper'|first= Brendan |last= Pierson |date=July 13, 2017|work=Reuters|access-date=July 17, 2017|archive-date=August 16, 2017|archive-url=https://web.archive.org/web/20170816205813/http://www.reuters.com/article/us-usa-crime-shkreli-idUSKBN19Y2UI|url-status=live}}

In May 2014, Shkreli had difficulty accessing public markets for capital, but received a $4 million series A funding round and a PIPE deal valued at $10 million underwritten by Roth Capital Partners.{{cite web|url=http://ir.retrophin.com/news-releases/news-release-details/retrophin-raises-100-million-private-placement|title=Retrophin Raises $10.0 Million in Private Placement|website=retropin.com|access-date=August 3, 2020|archive-date=November 10, 2020|archive-url=https://web.archive.org/web/20201110095626/http://ir.retrophin.com/news-releases/news-release-details/retrophin-raises-100-million-private-placement|url-status=live}} After obtaining the financing, Shkreli was able to acquire rights to market tiopronin (brand name Thiola), a drug used to treat the rare disease cystinuria, and another drug Chenodal, and subsequently raised the price of each drug substantially, with Thiola being marked up about 20 fold, from $1.50 to $30 per pill (patients must take 10 to 15 pills a day),{{cite news |url=https://www.science.org/content/blog-post/most-unconscionable-drug-price-hike-i-have-yet-seen |title=The Most Unconscionable Drug Price Hike I Have Yet Seen |last=Lowe |first=Derek |date=September 11, 2014 |series=In the Pipeline (blog) |website=Science Magazine |access-date=August 9, 2016 |archive-date=June 7, 2016 |archive-url=https://web.archive.org/web/20160607212017/http://blogs.sciencemag.org/pipeline/archives/2014/09/11/the_most_unconscionable_drug_price_hike_i_have_yet_seen |url-status=live }}{{cite web |url=http://www.fiercebiotech.com/story/why-would-martin-shkreli-hike-old-drug-price-5000-only-moron-would-ask/2015-09-20 |title=Why would Martin Shkreli hike an old drug price by 5000%? Only a 'moron' would ask |last=Carroll |first=John |date=September 20, 2015 |website=FierceBiotech |access-date=March 9, 2018 |archive-date=April 10, 2016 |archive-url=https://web.archive.org/web/20160410141907/http://www.fiercebiotech.com/story/why-would-martin-shkreli-hike-old-drug-price-5000-only-moron-would-ask/2015-09-20 |url-status=live }} and Chenodal about fivefold.{{cite news|url=https://www.pharmaceutical-technology.com/features/us-most-expensive-drugs-uk-prices/|title=Comparing the US's ten most expensive drugs with prices in the UK|newspaper=Pharmaceutical Technology|date=August 22, 2018|access-date=August 3, 2020|archive-date=November 1, 2020|archive-url=https://web.archive.org/web/20201101005741/https://www.pharmaceutical-technology.com/features/us-most-expensive-drugs-uk-prices/|url-status=live}} Retrophin did not lower the price of these drugs after Shkreli's departure.{{cite magazine |url=http://fortune.com/2015/12/18/major-pharmacies-martin-shkreli |title=How Pharmacies Are Dealing with Daraprim After Martin Shkreli's Arrest |date=December 18, 2015 |magazine=Fortune |access-date=August 8, 2016 |archive-date=September 6, 2016 |archive-url=https://web.archive.org/web/20160906174552/http://fortune.com/2015/12/18/major-pharmacies-martin-shkreli/ |url-status=live }}

In 2016, Imprimis Pharmaceuticals introduced a lower cost version of Thiola marketed as a compounded drug.{{cite news |last1=Elvidge |first1=Suzanne |title=Imprimis shuts down Texas plant, axes 8% of jobs |url=https://www.biopharmadive.com/news/imprimis-shuts-down-texas-plant-axes-8-of-jobs/427296/ |website=BioPharma Dive |date=September 29, 2016 |access-date=March 9, 2018 |archive-date=March 10, 2018 |archive-url=https://web.archive.org/web/20180310074504/https://www.biopharmadive.com/news/imprimis-shuts-down-texas-plant-axes-8-of-jobs/427296/ |url-status=live }}

Shkreli founded Turing Pharmaceuticals in February 2015, after his departure from Retrophin. He launched Turing with three drugs in development acquired from Retrophin: An intranasal version of ketamine for depression, an intranasal version of oxytocin, and Vecamyl for hypertension.{{cite magazine |last=Weintraub |first=Arlene |title=Gadfly Pharma Investor Shkreli Starts Anew After Ousting From Retrophin |url=https://www.forbes.com/sites/arleneweintraub/2015/02/27/gadfly-pharma-investor-shkreli-starts-anew-after-ousting-from-retrophin/ |magazine=Forbes |access-date=September 24, 2015 |date=February 27, 2015 |archive-date=September 25, 2015 |archive-url=https://web.archive.org/web/20150925091504/http://www.forbes.com/sites/arleneweintraub/2015/02/27/gadfly-pharma-investor-shkreli-starts-anew-after-ousting-from-retrophin/ |url-status=live }} Shkreli set a business strategy for Turing: To obtain licenses on out-of-patent medicines, and reevaluate the pricing of each in pursuit of windfall profits for the new company, without the need to develop and bring its own drugs to market.{{cite magazine |url=https://www.newyorker.com/magazine/2015/10/12/taking-on-the-drug-profiteers |department=The Financial Page |title=Taking on the Drug Profiteers |author-link=James Surowiecki |last=Surowiecki |first=James |date=October 12, 2015 |magazine=The New Yorker |access-date=December 10, 2015 |archive-date=December 11, 2015 |archive-url=https://web.archive.org/web/20151211180211/http://www.newyorker.com/magazine/2015/10/12/taking-on-the-drug-profiteers |url-status=live }}{{cite magazine |last=Lowe |first=Derek |date=September 21, 2015 |url=https://www.science.org/content/blog-post/martin-shkreli-has-one-idea-and-it-s-bad-one |title=Martin Shkreli Has One Idea, And It's a Bad One |series=In the Pipeline (blog) |magazine=Science Magazine |department=Science Translational Medicine |access-date=December 9, 2015 |oclc=5942328021 |archive-date=December 11, 2015 |archive-url=https://web.archive.org/web/20151211230224/http://blogs.sciencemag.org/pipeline/archives/2015/09/21/martin-shkreli-has-one-idea-and-its-a-bad-one |url-status=live }} As markets for out-of-patent drugs are often small, and obtaining regulatory approval to manufacture a generic version is expensive, Turing calculated that with closed distribution for the product and no competition, it could set high prices.

On August 10, 2015, in accordance with Shkreli's business plan, Turing acquired Daraprim (pyrimethamine), a medication approved by the FDA in 1953,{{cite web |url=http://www.law360.com/articles/709116/a-look-at-the-legality-behind-daraprim-s-price-spike |title=A Look At The Legality Behind Daraprim's Price Spike |last1=Norviel |first1=Vern |last2=Hoffmeister |first2=David M. |date=September 30, 2015 |website=Law360 |access-date=August 8, 2016 |archive-date=August 18, 2016 |archive-url=https://web.archive.org/web/20160818111709/http://www.law360.com/articles/709116/a-look-at-the-legality-behind-daraprim-s-price-spike |url-status=live }} from Impax Laboratories{{cite magazine |last=Timmerman |first=Luke |date=September 23, 2015 |url=https://www.forbes.com/sites/luketimmerman/2015/09/23/a-timeline-of-the-turing-pharma-controversy |department=Pharma & Healthcare |title=A Timeline of the Turing Pharma Controversy |magazine=Forbes |access-date=December 10, 2015 |archive-date=December 11, 2015 |archive-url=https://web.archive.org/web/20151211094351/http://www.forbes.com/sites/luketimmerman/2015/09/23/a-timeline-of-the-turing-pharma-controversy/ |url-status=live }} for {{US$|55 million}}.{{cite web |last1=Mitchell |first1=Andrea |last2=Helsel |first2=Phil |title=Drug CEO Will Lower Price of Daraprim After Hike Sparked Outrage |url=https://www.nbcnews.com/news/us-news/drug-ceo-will-lower-price-daraprim-after-outrage-n431926 |publisher=National Broadcasting Co. |department=NBC News |access-date=September 23, 2015 |date=September 23, 2015 |archive-date=September 23, 2015 |archive-url=https://web.archive.org/web/20150923102751/http://www.nbcnews.com/news/us-news/drug-ceo-will-lower-price-daraprim-after-outrage-n431926 |url-status=live }} The drug's most prominent use as of late 2015 was as an anti-malarial{{cite news |newspaper=The New York Times |url=https://www.nytimes.com/2015/09/21/business/a-huge-overnight-increase-in-a-drugs-price-raises-protests.html |department=Business Day |title=Drug Goes From $13.50 a Tablet to $750, Overnight |last=Pollack |first=Andrew |date=September 20, 2015 |access-date=December 10, 2015 |archive-date=December 16, 2015 |archive-url=https://web.archive.org/web/20151216002021/http://www.nytimes.com/2015/09/21/business/a-huge-overnight-increase-in-a-drugs-price-raises-protests.html |url-status=live }} and an antiparasitic, in conjunction with leucovorin and sulfadiazine,{{cite journal |vauthors=Masur, Henry, Brooks, John T, Benson, CA, Holmes, KK, et al.|title=Prevention and treatment of opportunistic infections in HIV-infected adults and adolescents |quote=Updated Guidelines from the Centers for Disease Control and Prevention, National Institutes of Health, and HIV Medicine Association of the Infectious Diseases Society of America |journal=Clinical Infectious Diseases |volume=58 |issue=9 |pages=1308–11 |date=February 2014 |pmid=24585567 |doi=10.1093/cid/ciu094 |pmc=3982842}} to treat patients with both AIDS-related and AIDS-unrelated toxoplasmosis.{{cite web |last=Muoio |first=Dave |date=September 17, 2015 |url=http://www.healio.com/infectious-disease/hiv-aids/news/online/%7B745d9cc5-df37-4139-b1ac-6dde7b8ae463%7D/daraprim-price-jump-raises-concerns-among-id-groups-providers |series=Infectious Disease News |title=Daraprim price jump raises concerns among ID groups, providers |website=Healio |access-date=December 10, 2015 |archive-date=December 11, 2015 |archive-url=https://web.archive.org/web/20151211121616/http://www.healio.com/infectious-disease/hiv-aids/news/online/%7B745d9cc5-df37-4139-b1ac-6dde7b8ae463%7D/daraprim-price-jump-raises-concerns-among-id-groups-providers |url-status=live }}

The patent for Daraprim had expired, but no generic version was available.{{cite news |last=Tirrell |first=Meg |date=December 1, 2015 |url=https://www.cnbc.com/2015/11/30/express-scripts-imprimis-to-offer-daraprim-alternative.html |title=Express Scripts, Imprimis to offer $1 Daraprim alternative |website=CNBC |access-date=December 23, 2015 |archive-date=August 7, 2020 |archive-url=https://web.archive.org/web/20200807091406/https://www.cnbc.com/2015/11/30/express-scripts-imprimis-to-offer-daraprim-alternative.html |url-status=live }} The Turing–Impax deal included the condition that Impax remove the drug from regular wholesalers and pharmacies, and so in June 2015, two months before the sale to Turing was announced, Impax switched to tightly controlled distribution. In keeping with its strategy for pricing in the face of limited competition, Turing maintained the closed distribution. The New York Times said that the deal "made sense only if Turing planned to raise the price of the drug substantially."

On September 17, 2015, Dave Muoio of Healio, an in-depth clinical information website for health care specialists,{{cite web |date=December 10, 2015 |website=Healio |title=About Healio |url=http://www.healio.com/footer/healio-dot-com/about-healio |access-date=December 10, 2015 |archive-date=December 1, 2015 |archive-url=https://web.archive.org/web/20151201214505/http://www.healio.com/footer/healio-dot-com/about-healio |url-status=live }} reported on a letter from the Infectious Diseases Society of America and the HIV Medicine Association to executives at Turing,{{cite report |last1=Calderwood |first1=Stephen B. |author2=Adaora Adimora |date=September 8, 2015 |title=Letter from Stephen B. Calderwood, MD, FIDSA (President, IDSA) and Adaora Adimora, MD, MPH, FIDSA (Chair, HIVMA) to Mssrs. Tom Evegan (Head of Managed Markets) and Kevin Bernier (National Director Alliance Development & Public Affairs), both of Turing Pharmaceuticals |location=Arlington, Virginia |publisher=Infectious Diseases Society of America (IDSA), HIV Medicine Association (HIVMA) |url=http://www.hivma.org/uploadedFiles/HIVMA/HomePageContent/PyrimethamineLetter.pdf |access-date=December 10, 2015 |archive-url=https://web.archive.org/web/20160313063210/http://www.hivma.org/uploadedFiles/HIVMA/HomePageContent/PyrimethamineLetter.pdf |archive-date=March 13, 2016}} questioning a new pricing for Daraprim. The price of a dose of the drug in the U.S. market increased by a factor of 56 (from {{US$|13.50}} to {{US$|750}} per pill) overnight.{{cite web |last=Kliff |first=Sarah |date=September 22, 2015 |department=Vox Explainers |title=A Drug Company Raised a Pill's Price 5,500 Percent Because, in America, It Can |url=https://www.vox.com/2015/9/22/9366721/daraprim-price-shkreli-turing |website=Vox |access-date=December 9, 2015 |archive-date=December 10, 2015 |archive-url=https://web.archive.org/web/20151210022145/http://www.vox.com/2015/9/22/9366721/daraprim-price-shkreli-turing |url-status=live }}

The price increase was initially criticized, jointly, by the Infectious Diseases Society of America and the HIV Medicine Association, by the Pharmaceutical Research and Manufacturers of America,{{cite magazine |last=Bloomfield |first=Doni |title=Drug CEO Targeted by Clinton Is Criticized by Drug Lobby |url=https://www.bloomberg.com/news/articles/2015-09-22/big-pharma-lobby-group-forswears-drugmaker-targeted-by-clinton |magazine=Bloomberg Businessweek |issn=0007-7135 |access-date=September 23, 2015 |date=September 22, 2015 |archive-date=September 24, 2015 |archive-url=https://web.archive.org/web/20150924225302/http://www.bloomberg.com/news/articles/2015-09-22/big-pharma-lobby-group-forswears-drugmaker-targeted-by-clinton |url-status=live }} and soon thereafter by presidential candidates Hillary Clinton,{{cite web |last1=Long |first1=Heather |author2=Matt Egan|author3=Dodley Dominique |title=Meet the guy behind the $750 AIDS drug |url=https://money.cnn.com/2015/09/22/investing/aids-drug-martin-shkreli-750-cancer-drug |website=CNN |department=Money |access-date=September 23, 2015 |date=September 22, 2015 |archive-date=September 24, 2015 |archive-url=https://web.archive.org/web/20150924223252/http://money.cnn.com/2015/09/22/investing/aids-drug-martin-shkreli-750-cancer-drug |url-status=live }} Bernie Sanders,{{cite news |last=Eunjung Cha |first=Ariana |title=CEO who raised price of old pill more than $700 calls journalist a 'moron' for asking why |url=https://www.washingtonpost.com/news/to-your-health/wp/2015/09/21/ceo-of-company-that-raised-the-price-of-old-pill-hundreds-of-dollars-overnight-calls-journalist-a-moron-for-asking-why |newspaper=The Washington Post |access-date=September 23, 2015 |date=September 22, 2015 |archive-date=September 23, 2015 |archive-url=https://web.archive.org/web/20150923060804/https://www.washingtonpost.com/news/to-your-health/wp/2015/09/21/ceo-of-company-that-raised-the-price-of-old-pill-hundreds-of-dollars-overnight-calls-journalist-a-moron-for-asking-why/ |url-status=live }} and Donald Trump.{{cite magazine |url=http://www.businessinsider.com/donald-trump-martin-shkreli-daraprim-drug-cost-2015-9 |title=Donald Trump trashes former hedge-fund guy who jacked up drug price: 'He looks like a spoiled brat' |magazine=Business Insider |date=September 2015 |access-date=September 23, 2015 |last=LoGiurato |first=Brett |archive-date=September 25, 2015 |archive-url=https://web.archive.org/web/20150925001426/http://www.businessinsider.com/donald-trump-martin-shkreli-daraprim-drug-cost-2015-9 |url-status=live }}

A subsequent organized effort called on Turing to return pricing to pre-September levels and to address several matters relating to the needs of patients, an effort that garnered endorsements from more than 160 medical‑specialty and patient‑related organizations ({{as of|December 2015|lc=y}}, 164 organizations from 31 states, the District of Columbia, and Puerto Rico).{{cite AV media |people=Tirrell, Meg |date=October 22, 2015 |title=Health Groups Appeal to Turing on Drug Price |medium=news video |location=Englewood Cliffs, NJ |website=CNBC |url=http://video.cnbc.com/gallery/?video=3000437256 |access-date=December 10, 2015 |archive-date=December 22, 2015 |archive-url=https://web.archive.org/web/20151222083235/http://video.cnbc.com/gallery/?video=3000437256 |url-status=live }}{{cite report |date=November 3, 2015 |title=An open appeal to Turing Pharmaceuticals |publisher=Infectious Diseases Society of America (IDSA) |location=Arlington, VA |url=https://idsocietyorg.app.box.com/TuringOpenLetter |access-date=December 10, 2015}}

In response to the controversy, the record label Collect Records publicly ended its business relationship with Shkreli, who had invested in the company.{{cite news |last=Walters |first=Joanna |url=https://www.theguardian.com/business/2015/sep/25/record-label-cuts-ties-hedge-fund-boosted-aids-drug-price-martin-shkreli |department=Music Industry |title=Label Cuts Ties With Hedge Fund Man Who Boosted AIDS Drug Price 5,000% |newspaper=The Guardian |location=London, UK |date=September 25, 2015 |access-date=September 28, 2015 |quote=Subtitle: Collect Records says it is impossible to continue having Martin Shkreli as investor over raising Daraprim price from $13.50 per tablet to $750. |archive-date=September 29, 2015 |archive-url=https://web.archive.org/web/20150929030238/http://www.theguardian.com/business/2015/sep/25/record-label-cuts-ties-hedge-fund-boosted-aids-drug-price-martin-shkreli |url-status=live }}

In a September 2015 interview with Bloomberg Markets, Shkreli said that despite the price increase, patient co-pays would actually be lower, that many patients would get the drug at no cost, that Turing had expanded its free drug program, and that it sold half of its drugs for one dollar.{{cite AV media |last=Fu |first=Scarlet |date=September 21, 2015 |title=Drug Goes From $13.50 to $750 Overnight |medium=video interview |website=Bloomberg |url=https://www.bloomberg.com/news/videos/2015-09-21/why-turing-increased-price-of-daraprim-over-500- |access-date=December 10, 2015 |archive-date=July 5, 2022 |archive-url=https://web.archive.org/web/20220705180049/https://www.bloomberg.com/news/videos/2015-09-21/why-turing-increased-price-of-daraprim-over-500- |url-status=live }} He defended the price hike by saying, "If there was a company that was selling an Aston Martin at the price of a bicycle, and we buy that company and we ask to charge Toyota prices, I don't think that that should be a crime."{{cite magazine |last=Ramsey |first=Lydia |title=A pharma CEO tried to defend his decision to jack up the price of a critical drug by 5,000 – and it backfired |url=http://www.businessinsider.com/martin-shkreli-defends-daraprim-price-2015-9 |magazine=Business Insider |date=September 22, 2015 |access-date=October 12, 2015 |archive-date=October 10, 2015 |archive-url=https://web.archive.org/web/20151010190344/http://www.businessinsider.com/martin-shkreli-defends-daraprim-price-2015-9 |url-status=live }}{{cite news |work=Reuters |title=Company hikes price of popular drug |url=http://uk.reuters.com/video/2015/09/22/company-hikes-price-of-popular-drug?videoId=365682609 |archive-url=https://web.archive.org/web/20151002142824/http://uk.reuters.com/video/2015/09/22/company-hikes-price-of-popular-drug?videoId=365682609 |archive-date=October 2, 2015 |medium=video |date=September 22, 2015}}

A few days later, Shkreli announced that he planned to lower the price by an unspecified amount, "in response to the anger that was felt by people." But in late November, Turing reversed course and said it would not lower the price after all.{{cite news |last=Pollack |first=Andrew |date=November 24, 2015 | title = Turing Refuses to Lower List Price of Toxoplasmosis Drug |newspaper=The New York Times |url=https://www.nytimes.com/2015/11/25/business/turing-refuses-to-lower-list-price-of-toxoplasmosis-drug.html |access-date=February 7, 2016 |page=B4 |archive-url=https://web.archive.org/web/20151125035228/http://www.nytimes.com/2015/11/25/business/turing-refuses-to-lower-list-price-of-toxoplasmosis-drug.html |archive-date=November 25, 2015 |url-status=live |issn=0362-4331}}

Following a request by Senator Bernie Sanders and Representative Elijah Cummings for details of Turing Pharmaceuticals' finances and price-setting practices in September 2015,{{cite magazine |first=Ramsey |last=Lydia |date=October 12, 2015 |url=http://www.businessinsider.com/martin-shkreli-never-responded-to-bernie-sanders-about-turing-2015-10 |title=Pharma CEO Martin Shkreli failed to respond to Bernie Sanders about his drug hike – and Sanders is not happy |magazine=Business Insider |access-date=December 17, 2015 |archive-date=December 22, 2015 |archive-url=https://web.archive.org/web/20151222124232/http://www.businessinsider.com/martin-shkreli-never-responded-to-bernie-sanders-about-turing-2015-10 |url-status=live }}{{cite report |url=http://democrats.oversight.house.gov/sites/democrats.oversight.house.gov/files/documents/2015-09-21%20EEC%20Sanders%20to%20Turing%20Pharmaceuticals.pdf |title=2015-09-01 EEC Sanders to Turing Pharmaceuticals |publisher=United States House Committee on Oversight and Government Reform (Democratic Party) |author-link=Bernie Sanders |first=Bernie |last=Sanders |date=September 21, 2015 |access-date=October 9, 2015 |archive-url=https://web.archive.org/web/20161212231428/http://democrats.oversight.house.gov/sites/democrats.oversight.house.gov/files/documents/2015-09-21%20EEC%20Sanders%20to%20Turing%20Pharmaceuticals.pdf |archive-date=December 12, 2016 }} the company hired four lobbyists from Buchanan, Ingersoll & Rooney with backgrounds in health care legislation and pharmaceutical pricing.{{cite news |last=Wilson |first=Megan R. |date=October 2, 2015 |url=https://thehill.com/business-a-lobbying/255760-drug-firm-maligned-for-price-hike-turns-to-k-street-for-help/ |department=Business & Lobbying |title=Drug firm maligned for 5,000 percent price hike turns to K Street for help |newspaper=The Hill |access-date=December 9, 2015 |archive-date=December 5, 2015 |archive-url=https://web.archive.org/web/20151205211151/http://thehill.com/business-a-lobbying/255760-drug-firm-maligned-for-price-hike-turns-to-k-street-for-help |url-status=live }}{{cite news |url=https://www.washingtonpost.com/news/powerpost/wp/2015/10/07/working-for-the-most-hated-man-in-america |title=Working For 'The Most Hated Man in America' |last=Ho |first=Catherine |date=October 7, 2015 |newspaper=The Washington Post |access-date=December 10, 2015 |archive-date=December 23, 2015 |archive-url=https://web.archive.org/web/20151223210122/https://www.washingtonpost.com/news/powerpost/wp/2015/10/07/working-for-the-most-hated-man-in-america/ |url-status=live }} In addition to lobbyists, Shkreli hired a crisis public relations firm to help explain the pricing decision.{{cite web |last1=Tannahill |first1=Jason |title=PR Man Allan Ripp Representing The 'Most Hated Man in America' |url=http://everything-pr.com/allan-ripp-represents-martin-shkreli/69517 |website=Everything P.R. |date=October 9, 2015 |access-date=October 12, 2015 |archive-url=https://web.archive.org/web/20151014235241/http://everything-pr.com/allan-ripp-represents-martin-shkreli/69517/ |archive-date=October 14, 2015 }}

On October 22, 2015, Mark L. Baum, CEO of Imprimis Pharmaceuticals, announced that his company would provide a combination product containing pyrimethamine (the active ingredient in Daraprim) and leucovorin at "$1-a-pill" as a cheaper and more efficient alternative to Daraprim.{{cite web |last=Fox |first=Maggie |date=October 22, 2015 |title=Competitor to Offer $1 Pill After Turing Price Hike Outrage |publisher=NBC News |department=Health |url=https://www.nbcnews.com/health/health-news/competitor-offer-1-pill-after-turing-price-hike-outrage-n449661 |access-date=December 10, 2015 |archive-date=December 10, 2015 |archive-url=https://web.archive.org/web/20151210111008/http://www.nbcnews.com/health/health-news/competitor-offer-1-pill-after-turing-price-hike-outrage-n449661 |url-status=live }} This product was intended to be used alongside sulfadiazine in the standard protocol to treat toxoplasmosis typically seen in AIDS patients.

Baum said, "This is not the first time a sole supply generic drug – especially one that has been approved for use as long as Daraprim – has had its price increased suddenly and to a level that may make it unaffordable." He announced the availability of the compounded replacement for Daraprim as a part of a larger corporate program, "Imprimis Cares." to make "novel and customizable medicines available to physicians and patients at accessible prices." Imprimis began selling its compounded, orally taken formulations of pyrimethamine and leucovorin at {{US$|99}} for a 100 count bottle, essentially a dollar a dose.

On November 23, 2015, Turing announced that the company would not reduce the list price of Daraprim, but said it planned instead to negotiate volume discounts of up to 50% for hospitals.{{cite magazine |last=Langreth |first=Robert |date=November 24, 2015 |title=Drugmaker Turing Suggests It Won't Cut List Price of Daraprim |magazine=Bloomberg Businessweek |issn=0007-7135 |url=https://www.bloomberg.com/news/articles/2015-11-24/drugmaker-turing-suggests-it-won-t-cut-list-price-of-daraprim |access-date=December 10, 2015 |archive-date=November 28, 2015 |archive-url=https://web.archive.org/web/20151128022937/http://www.bloomberg.com/news/articles/2015-11-24/drugmaker-turing-suggests-it-won-t-cut-list-price-of-daraprim |url-status=live }} Turing issued a statement that it was not as important to cut the list price as to reduce the cost to hospitals, where most patients get their initial treatment. The company pledged that no patient needing Daraprim would ever be denied access.

Infectious disease specialists and patient advocates, including Tim Horn of the Treatment Action Group and Carlos del Rio of the HIV Medicine Association, said Turing's actions were insufficient, given that patients initially treated for days at a hospital typically have to continue the treatment for weeks or months after leaving.{{cite news |date=November 25, 2015 |url=https://www.washingtonpost.com/business/economy/turing-reneges-on-drug-price-cut-rivals-version-sells-well/2015/11/25/d2c22bd8-93cd-11e5-b5e4-279b4501e8a6_story.html |department=Business |title=Turing Reneges on Drug Price Cut, Rival's Version Sells Well |newspaper=The Washington Post |agency=Associated Press |access-date=November 27, 2015 |archive-date=November 26, 2015 |archive-url=https://web.archive.org/web/20151126140700/https://www.washingtonpost.com/business/economy/turing-reneges-on-drug-price-cut-rivals-version-sells-well/2015/11/25/d2c22bd8-93cd-11e5-b5e4-279b4501e8a6_story.html |url-status=live }}

After Shkreli was imprisoned, Turing changed its name to Vyera in 2017{{cite report |title=Corporation Filings 08/27/2017 to 09/03/2017 |series=Newsletters |url=https://coraweb.sos.la.gov/Newsletters/NewsLetter_20170905.txt |publisher=State of Louisiana |department=Secretary of State |access-date=September 24, 2017 |date= |archive-date=January 15, 2022 |archive-url=https://web.archive.org/web/20220115132447/https://coraweb.sos.la.gov/Newsletters/NewsLetter_20170905.txt |url-status=live }} to avoid negative publicity; in 2019, it was called Phoenixus AG. In March 2019, The Wall Street Journal reported that Shkreli "steers his old company from prison."{{cite news |url=https://www.wsj.com/articles/martin-shkreli-steers-his-company-from-prisonwith-contraband-cellphone-11551973574 |title=Martin Shkreli Steers His Old Company From Prison – With Contraband Cellphone |first1=Rob |last1=Copeland |author2=Bradley Hope |date=March 7, 2019 |newspaper=The Wall Street Journal |url-access=subscription |access-date=March 8, 2019 |archive-date=March 8, 2019 |archive-url=https://web.archive.org/web/20190308154329/https://www.wsj.com/articles/martin-shkreli-steers-his-company-from-prisonwith-contraband-cellphone-11551973574 |url-status=live }} Using a contraband cellphone from his prison ward in Fort Dix, New Jersey, Shkreli was effectively directing the renamed firm, and was reported to have terminated the employment of executive Kevin P. Mulleady.{{cite magazine |last=Bach |first=Natasha |url=http://fortune.com/2019/03/07/martin-shkreli-pharma-bro-jail-business/ |title=Martin Shkreli Still Running his Business – from Prison |magazine=Fortune |date=March 7, 2019 |access-date=March 8, 2019 |archive-date=March 10, 2019 |archive-url=https://web.archive.org/web/20190310195644/http://fortune.com/2019/03/07/martin-shkreli-pharma-bro-jail-business/ |url-status=live }} After this news was reported in various news outlets, Shkreli was moved to the Metropolitan Detention Center in Brooklyn in advance of a subsequent move to a federal prison in Pennsylvania.{{cite news |last1=Mangan |first1=Dan |title='Pharma bro' Martin Shkreli moved from federal prison after claim he was running drug company with banned cellphone |url=https://www.cnbc.com/2019/04/24/pharma-bro-martin-shkreli-moved-from-prison-after-rule-breaking.html |website=CNBC |access-date=July 19, 2019 |date=April 24, 2019 |archive-date=July 19, 2019 |archive-url=https://web.archive.org/web/20190719054224/https://www.cnbc.com/2019/04/24/pharma-bro-martin-shkreli-moved-from-prison-after-rule-breaking.html |url-status=live }} He was also facing a Bureau of Prisons investigation into his breaking federal prison rules, since federal inmates are prohibited both from running a business from prison and from possessing cell phones.{{cite news |last1=Bomey |first1=Nathan |title='Pharma Bro' Martin Shkreli facing Bureau of Prisons investigation into his behavior |url=https://www.usatoday.com/story/money/2019/03/08/martin-shkreli-bureau-of-prisons-investigation/3105647002/ |newspaper=USA Today |access-date=July 19, 2019 |date=March 8, 2019 |archive-date=July 19, 2019 |archive-url=https://web.archive.org/web/20190719062800/https://www.usatoday.com/story/money/2019/03/08/martin-shkreli-bureau-of-prisons-investigation/3105647002/ |url-status=live }}

In May 2023, Vyera Pharmaceuticals declared Chapter 11 bankruptcy in Delaware court, listing between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. The company cited "declining profits, increased competition for generic drugs, and litigation alleging that Vyera suppressed competition for its most valuable drug, Daraprim" per Reuters. Shkreli's shares in Vyera had earlier been ordered seized by federal court related to an FTC judgment against him.Knauth, Dietrich, [https://www.reuters.com/business/healthcare-pharmaceuticals/martin-shkreli-founded-drug-company-files-bankruptcy-2023-05-10/ "Martin Shkreli-founded drug company files for bankruptcy"] {{Webarchive|url=https://web.archive.org/web/20231114065931/https://www.reuters.com/business/healthcare-pharmaceuticals/martin-shkreli-founded-drug-company-files-bankruptcy-2023-05-10/ |date=November 14, 2023 }}, reuters.com,

May 10, 2023. Retrieved 2023-05-14.

In January 2020 the FTC filed a case against Vyera "alleging an elaborate anticompetitive scheme to preserve a monopoly for the life-saving drug, Daraprim".{{cite web|url=https://www.ftc.gov/enforcement/cases-proceedings/161-0001/vyera-pharmaceuticals-llc|title=Vyera Pharmaceuticals, LLC|date=January 27, 2020|publisher=Federal Trade Commission|access-date=December 9, 2021|archive-date=December 9, 2021|archive-url=https://web.archive.org/web/20211209054320/https://www.ftc.gov/enforcement/cases-proceedings/161-0001/vyera-pharmaceuticals-llc|url-status=live}} A settlement was reached in December 2021. According to AP News, the settlement "requires Vyera and Phoenixus to provide up to $40 million in relief over 10 years to consumers who allegedly were fleeced by their actions and requires them to make Daraprim available to any potential generic competitor at the cost of producing the drug."{{cite web|url=https://apnews.com/article/business-health-federal-trade-commission-martin-shkreli-98e0a8b6be3dc6901153610756cbb58a|title='Pharma Bro' firm reaches $40M settlement in gouging case|date=December 8, 2021|publisher=Associated Press|access-date=December 9, 2021|archive-date=December 9, 2021|archive-url=https://web.archive.org/web/20211209054310/https://apnews.com/article/business-health-federal-trade-commission-martin-shkreli-98e0a8b6be3dc6901153610756cbb58a|url-status=live}} Kevin Mulleady "agreed to a seven-year ban on working for or holding more than an 8% share in most pharmaceutical companies."{{cite web|url=https://www.law360.com/articles/1446580/former-shkreli-co-inks-deal-worth-up-to-40m-with-ftc-ags|title=Former Shkreli Co. Inks Deal Worth Up To $40M With FTC, AGs – Law360|publisher=Law360|date=December 7, 2021|first=Bryan|last=Koenig|access-date=December 9, 2021|archive-date=December 9, 2021|archive-url=https://web.archive.org/web/20211209054310/https://www.law360.com/articles/1446580/former-shkreli-co-inks-deal-worth-up-to-40m-with-ftc-ags|url-status=live}}

In November 2015, an investor group led by Shkreli acquired a majority stake in KaloBios Pharmaceuticals ({{OTC Pink|type=limited|KBIOQ}}), a biopharmaceutical company based in South San Francisco, California.{{cite web|url=https://finance.yahoo.com/news/kalobios-stock-rockets-investment-shkreli-194805694.html|title=KaloBios stock rockets after investment from Shkreli|date=November 19, 2015 |website=Yahoo Finance |archive-url=https://web.archive.org/web/20151122022744/http://finance.yahoo.com/news/kalobios-stock-rockets-investment-shkreli-194805694.html|archive-date=November 22, 2015}} Shkreli was named CEO of the company and also planned to continue in the role of CEO of Turing Pharmaceuticals.{{cite press release |url=http://ir.kalobios.com/releasedetail.cfm?ReleaseID=943772|title=KaloBios Pharmaceuticals, Inc. Appoints Martin Shkreli CEO and Announces New Financing |publisher=KaloBios|access-date=December 18, 2015|date=November 19, 2015|archive-url=https://web.archive.org/web/20151220061122/http://ir.kalobios.com/releasedetail.cfm?ReleaseID=943772|archive-date=December 20, 2015}}{{cite web|last=Weintraub|first=Arlene|date=November 19, 2015|title=Here's Why Shkreli Is Going To Have His Hands Full Trying To Save KaloBios|magazine=Forbes|url=https://www.forbes.com/sites/arleneweintraub/2015/11/19/heres-why-shkreli-is-going-to-have-his-hands-full-trying-to-save-kalobios|access-date=December 10, 2015|archive-date=November 23, 2015|archive-url=https://web.archive.org/web/20151123214852/http://www.forbes.com/sites/arleneweintraub/2015/11/19/heres-why-shkreli-is-going-to-have-his-hands-full-trying-to-save-kalobios/|url-status=live}} After his December 2015 arrest, KaloBios Pharmaceuticals terminated him as CEO.{{cite web|url=https://www.cnbc.com/2015/12/21/martin-shkreli-fired-as-ceo-of-kalobios-pharmaceuticals.html|title=Martin Shkreli fired by KaloBios Pharmaceuticals|access-date=December 21, 2015|last=Rosenfeld|first=Everett|date=December 21, 2015|publisher=CNBC|archive-date=December 21, 2015|archive-url=https://web.archive.org/web/20151221160120/http://www.cnbc.com/2015/12/21/martin-shkreli-fired-as-ceo-of-kalobios-pharmaceuticals.html|url-status=live}} On December 29, 2015, KaloBios filed for Chapter 11 bankruptcy. This followed NASDAQ delisting its shares, and the resignation of two directors.{{cite news|title=Martin Shkreli's KaloBios files for bankruptcy|url=https://www.cnbc.com/2015/12/30/kalobios-pharmaceuticals-files-for-bankruptcy.html|access-date=December 30, 2015|publisher=CNBC|agency=Reuters|archive-date=January 5, 2016|archive-url=https://web.archive.org/web/20160105232831/http://www.cnbc.com/2015/12/30/kalobios-pharmaceuticals-files-for-bankruptcy.html|url-status=live}}

Shkreli founded Gödel Systems in August 2016 as "a professional software company that aims to be the leading information provider of data, workflow, and communications solutions for financial, law, and scientific professionals." By February 2017, Gödel Systems was looking to raise $1 million through a debt offering, and had raised $50,000 out of the $1 million in debt it began issuing in mid-January 2017, according to regulatory filings. Ralph Holzmann, a former senior engineer at Twitter, is the firm's chief technology officer.{{citation needed|date=May 2024}}

Following his release from prison, in 2022, a planned software platform named Druglike controlled by Shkreli was announced with a stated aim of supporting the development of new pharmaceutical drugs.{{cite web | url=https://fortune.com/2022/07/29/pharma-bro-martin-shkreli-is-fresh-out-of-prison-with-a-new-web3-crypto-drug-discovery-business/ | title='Pharma bro' Martin Shkreli is fresh out of prison with a new Web3-crypto 'drug discovery' business | access-date=February 29, 2024 | archive-date=December 23, 2023 | archive-url=https://web.archive.org/web/20231223234558/https://fortune.com/2022/07/29/pharma-bro-martin-shkreli-is-fresh-out-of-prison-with-a-new-web3-crypto-drug-discovery-business/ | url-status=live }} A related cryptocurrency project, the Martin Shkreli Inu coin, had been launched but in August lost 90% of its value (recovering shortly afterwards to a 55% loss) after an account believed to belong to Shkreli sold its Inu coin holdings. An account believed to belong to Shkreli claimed, in explanation, to have been hacked.{{cite web | url=https://fortune.com/2022/08/15/martin-shkreli-crypto-crash-pharma-bro/ | title=Pharma Bro crypto crash raises fears but doesn't deter investors | work=Fortune | archive-url=https://web.archive.org/web/20220827234625/https://fortune.com/2022/08/15/martin-shkreli-crypto-crash-pharma-bro/ | archive-date=August 27, 2022 }}

Shkreli was subpoenaed to appear before the Committee on Oversight and Government Reform of the U.S. House of Representatives to answer questions about the Daraprim price increase.Johnson, Carolyn Y., [https://www.washingtonpost.com/news/wonk/wp/2016/02/04/pharma-bro-martin-shkreli-faces-congress-today-but-pledges-silence "'Pharma bro' Martin Shkreli refuses to testify at congressional hearing, calls lawmakers 'imbeciles' in tweet"] {{Webarchive|url=https://web.archive.org/web/20160204170434/https://www.washingtonpost.com/news/wonk/wp/2016/02/04/pharma-bro-martin-shkreli-faces-congress-today-but-pledges-silence/ |date=February 4, 2016 }}, The Washington Post (February 4, 2015). Shkreli's efforts to quash the subpoena were unsuccessful.

On February 4, 2016, Shkreli appeared before the House committee,{{cite report |url=https://oversight.house.gov/hearing/developments-in-the-prescription-drug-market-oversight |title=Developments in the Prescription Drug Market: Oversight |date=February 4, 2016 |publisher=United States House of Representatives |department=Committee on Oversight and Government Reform |access-date=February 7, 2016 |archive-url=https://web.archive.org/web/20170304060313/https://oversight.house.gov/hearing/developments-in-the-prescription-drug-market-oversight/ |archive-date=March 4, 2017 }} along with Nancy Retzlaff,{{cite report |url=https://oversight.house.gov/wp-content/uploads/2016/02/Retzlaff-Turing-Statement-1-26-Prescription-Drugs.pdf |title=Testimony of Nancy Retzlaff Chief Commercial Officer, Turing Pharmaceuticals |date=January 26, 2016 |publisher=United States House of Representatives |department=Committee on Oversight and Government Reform |access-date=February 4, 2016 |archive-url=https://web.archive.org/web/20170211013958/https://oversight.house.gov/wp-content/uploads/2016/02/Retzlaff-Turing-Statement-1-26-Prescription-Drugs.pdf |archive-date=February 11, 2017 }} the Chief Commercial Officer of Turing, and Howard B. Schiller, the interim CEO of Valeant.{{cite report |url=https://oversight.house.gov/wp-content/uploads/2016/02/Schiller-Valeant-Statement-1-26-Prescription-Drugs.pdf |title=Statement of Howard B. Schiller interim Chief Executive Officer and Director, Valeant Pharmaceuticals International, Inc. |date=February 4, 2016 |publisher=United States House of Representatives |department=Committee on Oversight and Government Reform |access-date=February 4, 2016 |archive-url=https://web.archive.org/web/20170211014640/https://oversight.house.gov/wp-content/uploads/2016/02/Schiller-Valeant-Statement-1-26-Prescription-Drugs.pdf |archive-date=February 11, 2017 }}

Accompanied by his attorney Benjamin Brafman, Shkreli invoked his Fifth Amendment privilege against self-incrimination in response to every question from committee members except for two: one from Representative Trey Gowdy to confirm the pronunciation of his last name, and another from Representative Elijah Cummings to affirm he was listening.{{cite news |url=https://www.theguardian.com/business/2016/feb/04/martin-shkreli-refuses-to-testify-congress-drug-daraprim |title=Drug company boss Martin Shkreli refuses to testify to Congress |newspaper=The Guardian |date=February 4, 2016 |location=London, UK |access-date=December 12, 2016 |archive-date=January 28, 2017 |archive-url=https://web.archive.org/web/20170128193813/https://www.theguardian.com/business/2016/feb/04/martin-shkreli-refuses-to-testify-congress-drug-daraprim |url-status=live }}{{cite news |url=http://www.slate.com/blogs/moneybox/2016/02/04/martin_shkreli_trolls_congress_by_refusing_to_answer_questions.html |title=Watch Martin Shkreli Troll Congress by Taking the Fifth Over and Over Again |department=MoneyBox blog |website=Slate.com |date=February 4, 2016 |access-date=February 12, 2016 |archive-date=February 13, 2016 |archive-url=https://web.archive.org/web/20160213010320/http://www.slate.com/blogs/moneybox/2016/02/04/martin_shkreli_trolls_congress_by_refusing_to_answer_questions.html |url-status=live }} Shkreli also refused to answer even seemingly trivial questions outside the subject matter of the hearing, including those pertaining to his purchase of a Wu-Tang Clan album.{{cite news |url=https://www.bloomberg.com/features/2015-martin-shkreli-wu-tang-clan-album/ |title=Who Bought The Most Expensive Album Ever Made? |last1=Leonard |first1=David |date=December 9, 2015 |magazine=Bloomberg Businessweek |issn=0007-7135 |access-date=April 2, 2019 |archive-date=December 30, 2017 |archive-url=https://web.archive.org/web/20171230031355/https://www.bloomberg.com/features/2015-martin-shkreli-wu-tang-clan-album/ |url-status=live }}{{cite news |url=https://www.nytimes.com/2016/02/05/business/drug-prices-valeant-martin-shkreli-congress.html | title = Martin Shkreli Invokes the Fifth Amendment During Grilling by Congress |last1=Pollack |first1=Andrew |last2=Huetteman |first2=Emmarie |date=February 4, 2016 |newspaper=The New York Times |page=B1 |issn=0362-4331 |archive-url=https://web.archive.org/web/20160204122629/http://www.nytimes.com/2016/02/05/business/drug-prices-valeant-martin-shkreli-congress.html |archive-date=February 4, 2016 |url-status=live }} Following Cummings's rebuke of Shkreli, Chairman Jason Chaffetz dismissed Shkreli from the hearing.

On December 17, 2015, Shkreli was arrested by the FBI after a federal indictment in the U.S. District Court for the Eastern District of New York was filed, charging him with securities fraud. The charges were filed after an investigation into his tenure at MSMB Capital Management and Retrophin. U.S. Attorney Robert Capers said, "Shkreli essentially ran his company like a Ponzi scheme where he used each subsequent company to pay off defrauded investors from the prior company."{{cite web |last1=Smythe |first1=Christie |last2=Geiger |first2=Keri |date=December 17, 2015 |url=https://www.bloomberg.com/features/2015-martin-shkreli-securities-fraud |title=Shkreli, CEO Reviled for Drug Price Gouging, Arrested on Securities Fraud Charges |magazine=Bloomberg Businessweek |issn=0007-7135 |access-date=March 9, 2017 |archive-date=March 4, 2017 |archive-url=https://web.archive.org/web/20170304125925/https://www.bloomberg.com/features/2015-martin-shkreli-securities-fraud/ |url-status=live }}

Federal prosecutors said that Shkreli and co-defendant, Evan Greebel, "engaged in multiple schemes to ensnare investors through a web of lies and deceit."{{cite report |url=https://www.justice.gov/usao-edny/pr/former-hedge-fund-manager-and-new-york-attorney-indicted-multimillion-dollar-fraud |title=Former Hedge Fund Manager and New York Attorney Indicted in Multimillion Dollar Fraud Scheme |department=U.S. Attorney's Office, Eastern District of New York |publisher=United States Department of Justice |date=December 17, 2015 |access-date=November 22, 2020 |archive-date=November 11, 2020 |archive-url=https://web.archive.org/web/20201111191927/https://www.justice.gov/usao-edny/pr/former-hedge-fund-manager-and-new-york-attorney-indicted-multimillion-dollar-fraud |url-status=live }}{{cite web |last1=Grim |first1=Ryan |last2=Young |first2=Jeffrey |orig-date=2015 |date=September 23, 2016 |url=https://www.huffingtonpost.com/entry/martin-shkreli-sec-investigation_us_5601a3c4e4b08820d91a6b6f | title = Drug‑Price Gouging Hedge Fund Guy May Be Even Worse Than You Thought, SEC Documents Show |website=HuffPost |archive-url=https://web.archive.org/web/20151220155823/http://www.huffingtonpost.com/entry/martin-shkreli-sec-investigation_5601a3c4e4b08820d91a6b6f |archive-date=December 20, 2015 |url-status=live}} In an interview with The Wall Street Journal, Shkreli said that he was targeted by law enforcement for his price hikes of the drug Daraprim and his flamboyant personality.{{cite news |title=Martin Shkreli Says Drug-Price Hikes Led to Arrest |url=https://www.wsj.com/articles/martin-shkreli-says-drug-price-hikes-led-to-arrest-1450671884 |first=Rob |last=Copeland |access-date=December 21, 2015 |newspaper=The Wall Street Journal |date=December 21, 2015 |issn=0099-9660 |url-access=subscription |archive-date=December 21, 2015 |archive-url=https://web.archive.org/web/20151221074326/http://www.wsj.com/articles/martin-shkreli-says-drug-price-hikes-led-to-arrest-1450671884 |url-status=live }}

In early 2016, Shkreli retained criminal defense attorney Benjamin Brafman to defend him.{{cite news |first1=Matthew |last1=Goldstein |first2=Alexandra |last2=Stevenson |url=https://www.nytimes.com/2016/02/04/business/martin-shkreli-appears-to-adopt-a-new-legal-strategy-silence.html |title=Martin Shkreli Appears to Adopt a New Legal Strategy: Silence |newspaper=The New York Times |issn=0362-4331 |date=February 3, 2016 |access-date=February 25, 2017 |archive-date=July 8, 2017 |archive-url=https://web.archive.org/web/20170708110822/https://www.nytimes.com/2016/02/04/business/martin-shkreli-appears-to-adopt-a-new-legal-strategy-silence.html |url-status=live }}{{cite web |first=Jason |last=Silverstein |url=http://www.nydailynews.com/news/national/martin-shkreli-hires-famed-defense-attorney-benjamin-brafman-article-1.2517398 |title=Shkreli hires Brafman, high-profile attorney |newspaper=New York Daily News |date=February 2, 2016 |lccn=sn83030450 |access-date=February 4, 2016 |archive-date=February 4, 2016 |archive-url=https://web.archive.org/web/20160204212523/http://www.nydailynews.com/news/national/martin-shkreli-hires-famed-defense-attorney-benjamin-brafman-article-1.2517398 |url-status=live }} Due to Shkreli's notoriety and overwhelmingly negative public opinion, it was difficult to select an unbiased jury.{{cite magazine |title=Public enemy |url=https://harpers.org/archive/2017/09/public-enemy/ |date=September 2017 |access-date=September 30, 2019 |magazine=Harper's Magazine |archive-date=October 1, 2019 |archive-url=https://web.archive.org/web/20191001021434/https://harpers.org/archive/2017/09/public-enemy/ |url-status=live }} At his 2017 trial, Shkreli argued that none of his investors actually lost money (some actually turned a profit) and thus his actions did not constitute a crime.{{cite news |last=Merle |first=Renae |title=The fascinating legal argument at the heart of the Martin Shkreli 'Pharma Bro' trial |url=https://www.washingtonpost.com/business/economy/the-fascinating-legal-argument-at-the-heart-of-the-martin-shkreli-pharma-bro-trial/2017/07/08/658507e0-6255-11e7-8adc-fea80e32bf47_story.html |newspaper=The Washington Post |date=July 8, 2017 |access-date=July 10, 2017 |archive-date=July 10, 2017 |archive-url=https://web.archive.org/web/20170710014221/https://www.washingtonpost.com/business/economy/the-fascinating-legal-argument-at-the-heart-of-the-martin-shkreli-pharma-bro-trial/2017/07/08/658507e0-6255-11e7-8adc-fea80e32bf47_story.html |url-status=live }} Shkreli's frequent criticisms of the federal prosecutors in New York's Eastern District, whom he called "junior varsity" compared to their counterparts in the Southern District across the East River, both on his Facebook streaming video feed and in the hallways of the courthouse, led those prosecutors to request that judge Kiyo A. Matsumoto issue a gag order to prevent what they called a "campaign of disruption". Brafman said in response that his client was responding to baiting from the media and was also suffering from extreme anxiety because of his situation.{{cite news |last=Merle |first=Renae |title=Prosecutors want Martin Shkreli to stop talking |url=https://www.washingtonpost.com/news/business/wp/2017/07/04/prosecutors-want-pharma-bro-martin-shkreli-to-stop-talking |newspaper=The Washington Post |date=July 5, 2017 |access-date=July 10, 2017 |archive-date=July 10, 2017 |archive-url=https://web.archive.org/web/20170710094634/https://www.washingtonpost.com/news/business/wp/2017/07/04/prosecutors-want-pharma-bro-martin-shkreli-to-stop-talking/ |url-status=live }} Matsumoto ordered Shkreli not to speak with reporters, either in the courthouse or its immediate vicinity.{{cite news |last=Merle |first=Renae |title=Judge to Martin Shkreli: Keep your mouth shut |url=https://www.washingtonpost.com/news/business/wp/2017/07/05/judge-to-martin-shkreli-keep-your-mouth-shut |newspaper=The Washington Post |date=July 5, 2017 |access-date=July 10, 2017 |archive-date=July 10, 2017 |archive-url=https://web.archive.org/web/20170710094552/https://www.washingtonpost.com/news/business/wp/2017/07/05/judge-to-martin-shkreli-keep-your-mouth-shut/ |url-status=live }}

On August 4, 2017, the trial jury found Shkreli guilty on two counts of securities fraud and one count of conspiracy to commit securities fraud, and not guilty on five other counts which included wire fraud.{{cite news |url=https://www.cbsnews.com/news/martin-shkreli-trial-verdict-guilty-3-counts-not-guilty-8/ |title=Martin Shkreli trial verdict: Guilty on 3 of 8 counts |website=CBS News |access-date=April 17, 2020 |archive-date=May 27, 2020 |archive-url=https://web.archive.org/web/20200527042851/https://www.cbsnews.com/news/martin-shkreli-trial-verdict-guilty-3-counts-not-guilty-8/ |url-status=live }} Shkreli said he was delighted with the outcome and described his prosecution as "a witch hunt of epic proportions".{{cite web |url=https://abcnews.go.com/US/verdict-reached-pharma-bro-martin-shkrelis-securities-fraud/story?id=48945438 |title='Pharma Bro' Martin Shkreli 'delighted' by verdict in securities fraud trial |date=August 4, 2017 |publisher=ABC News |access-date=August 4, 2017 |archive-date=April 18, 2020 |archive-url=https://web.archive.org/web/20200418213904/https://abcnews.go.com/US/verdict-reached-pharma-bro-martin-shkrelis-securities-fraud/story?id=48945438 |url-status=live }}

On September 13, 2017, his bail was revoked following a Facebook post offering $5,000 for a strand of Hillary Clinton's hair which the judge perceived as solicitation to assault, which is not protected under the First Amendment.{{cite news |url=https://www.nytimes.com/2017/09/13/business/dealbook/martin-shkreli-jail.html |title=Martin Shkreli Is Jailed for Seeking a Hair From Hillary Clinton |first=Stephanie |last=Clifford |date=September 13, 2017 |newspaper=The New York Times |access-date=September 14, 2017 |archive-date=September 13, 2017 |archive-url=https://web.archive.org/web/20170913234644/https://www.nytimes.com/2017/09/13/business/dealbook/martin-shkreli-jail.html |url-status=live }} Shkreli's post was preceded by others that suggested he might have plans to clone Hillary Clinton.{{Cite news |url=https://nypost.com/2017/09/13/pharma-bro-jailed-after-judge-declares-him-a-danger-to-society/ |title=Pharma Bro jailed after judge declares him a 'danger to society' |date=September 13, 2017 |newspaper=New York Post |access-date=September 13, 2017 |language=en-US |archive-date=September 13, 2017 |archive-url=https://web.archive.org/web/20170913222614/https://nypost.com/2017/09/13/pharma-bro-jailed-after-judge-declares-him-a-danger-to-society/ |url-status=live }} Shkreli said that his post was satire, and his lawyer described it as tasteless but not a threat. Shkreli edited the post to add a disclaimer that it was satire,{{cite news |url=https://www.cnbc.com/2017/09/06/martin-shkrelis-reward-for-hillary-clintons-hair-wu-tang-clan-sale.html |title=Martin Shkreli posts 'bounty' for Hillary Clinton's hair; puts Wu-Tang Clan album on sale |first=Dan |last=Mangan |date=September 6, 2017 |website=CNBC |access-date=September 14, 2017 |archive-date=September 14, 2017 |archive-url=https://web.archive.org/web/20170914172712/https://www.cnbc.com/2017/09/06/martin-shkrelis-reward-for-hillary-clintons-hair-wu-tang-clan-sale.html |url-status=live }} and later said he did this minutes after publication.{{cite news |url=https://nypost.com/2017/09/12/pharma-bro-apologizes-as-judge-weighs-locking-him-up-for-clinton-trolling/ |title='Pharma Bro' apologizes as judge weighs locking him up for Clinton trolling |date=September 12, 2017 |newspaper=New York Post |access-date=December 19, 2017 |archive-date=January 21, 2018 |archive-url=https://web.archive.org/web/20180121071541/https://nypost.com/2017/09/12/pharma-bro-apologizes-as-judge-weighs-locking-him-up-for-clinton-trolling/ |url-status=live }} Shkreli apologized for the post.{{cite web |author=Merle, Renae |url=https://www.washingtonpost.com/news/business/wp/2017/09/13/martin-shkreli-apologizes-for-facebook-post-about-hillary-clinton/ |title=Martin Shkreli jailed after Facebook post about Hillary Clinton |newspaper=The Washington Post |date=September 13, 2017 |access-date=September 14, 2017 |archive-date=September 14, 2017 |archive-url=https://web.archive.org/web/20170914110112/https://www.washingtonpost.com/news/business/wp/2017/09/13/martin-shkreli-apologizes-for-facebook-post-about-hillary-clinton/ |url-status=live }} He was sent to the Metropolitan Detention Center, Brooklyn{{cite news|url=https://www.cnbc.com/2018/04/18/pharma-bro-martin-shkreli-gets-sent-to-federal-prison-in-new-jersey.html|title=Pharma bro fraudster Martin Shkreli sent to federal prison in New Jersey after being denied minimum security camp|author=Mangan, Dan|date=April 18, 2018|publisher=CNBC|access-date=August 23, 2018|archive-date=September 13, 2018|archive-url=https://web.archive.org/web/20180913053305/https://www.cnbc.com/2018/04/18/pharma-bro-martin-shkreli-gets-sent-to-federal-prison-in-new-jersey.html|url-status=live}} while awaiting sentencing.{{cite web |url=https://www.dailydot.com/unclick/martin-shkreli-jail-clinton/ |title=Martin Shkreli back in federal custody after dumb Facebook post about stealing Clinton's hair |date=September 14, 2017 |website=The Daily Dot |access-date=September 30, 2017 |archive-date=September 30, 2017 |archive-url=https://web.archive.org/web/20170930084234/https://www.dailydot.com/unclick/martin-shkreli-jail-clinton/ |url-status=live }}

On March 9, 2018, Shkreli was sentenced to seven years in federal prison.Hays, Tom, & Colleen Long, [https://www.chicagotribune.com/business/ct-biz-martin-shkreli-sentencing-20180309-story.html 'Pharma Bro' Martin Shkreli cries in court, is sentenced to 7 years for securities fraud] {{Webarchive|url=https://web.archive.org/web/20200413080604/https://www.chicagotribune.com/business/ct-biz-martin-shkreli-sentencing-20180309-story.html|date=April 13, 2020}}, Associated Press, March 9, 2018.{{cite news |title='Pharma Bro' Martin Shkreli sentenced to seven years |url=https://www.bbc.co.uk/news/world-us-canada-43352073 |date=March 9, 2018 |website=BBC News |access-date=March 9, 2018 |archive-date=June 18, 2018 |archive-url=https://web.archive.org/web/20180618153920/https://www.bbc.co.uk/news/world-us-canada-43352073 |url-status=live }} During his sentencing, Judge Kiyo A. Matsumoto said Shkreli seemed "genuinely remorseful" regarding his "egregious multitude of lies" but faulted him for having "repeatedly minimized" his misconduct. Shkreli, who cried as he gave his statement to the court, stated "I was never motivated by money."{{cite news |url=https://www.nytimes.com/2018/03/09/business/martin-shkreli-sentenced.html |title=Martin Shkreli Sentenced to 7 Years in Prison for Fraud |last=Clifford |first=Stephanie |date=March 9, 2018 |newspaper=The New York Times |access-date=March 31, 2018 |language=en-US |issn=0362-4331 |archive-date=March 29, 2018 |archive-url=https://web.archive.org/web/20180329010449/https://www.nytimes.com/2018/03/09/business/martin-shkreli-sentenced.html |url-status=live }}

In 2019, Shkreli lost his appeal; the U.S. Court of Appeals for the Second Circuit unanimously affirmed the conviction in a seven-page ruling.{{cite web |url=https://arstechnica.com/tech-policy/2019/07/shkreli-stays-in-jail-infamous-ex-pharma-ceo-quickly-loses-appeal/ |title=Shkreli stays in jail; Infamous ex-pharma CEO quickly loses appeal |last=Mole |first=Beth |date=July 18, 2019 |website=Ars Technica |language=en-us |access-date=July 19, 2019 |archive-date=July 19, 2019 |archive-url=https://web.archive.org/web/20190719054210/https://arstechnica.com/tech-policy/2019/07/shkreli-stays-in-jail-infamous-ex-pharma-ceo-quickly-loses-appeal/ |url-status=live }}{{cite news |url=https://www.bloomberg.com/news/articles/2019-07-18/martin-shkreli-s-conviction-is-upheld-by-u-s-appeals-court |title=Martin Shkreli's Conviction Is Upheld by U.S. Appeals Court |last1=Dolmetsch |first1=Chris |last2=Hurtado |first2=Patricia |date=July 18, 2019 |magazine=Bloomberg News |access-date=July 19, 2019 |archive-date=July 19, 2019 |archive-url=https://web.archive.org/web/20190719054211/https://www.bloomberg.com/news/articles/2019-07-18/martin-shkreli-s-conviction-is-upheld-by-u-s-appeals-court |url-status=live }} The original judgment remained in effect: Shkreli was required to continue to serve his seven-year sentence and forfeit more than $7.3 million in assets.

On March 5, 2018, Shkreli was ordered to forfeit nearly $7.4 million in assets.{{cite news |url=https://money.cnn.com/2018/03/05/news/martin-shkreli-wu-tang-forfeiture/index.html |title=Martin Shkreli must forfeit $7.4 million, including infamous Wu Tang album |date=March 5, 2018 |website=CNN |access-date=March 6, 2017 |archive-date=October 27, 2020 |archive-url=https://web.archive.org/web/20201027101723/https://money.cnn.com/2018/03/05/news/martin-shkreli-wu-tang-forfeiture/index.html |url-status=live }} The court ordered that if Shkreli had insufficient cash to fulfill the forfeiture order, his assets, including a piece of art by Pablo Picasso, would be sold to do so. Shkreli purchased the 31-track Wu-Tang Clan album Once Upon a Time in Shaolin (of which a single copy exists) at an auction in 2015 for around $2 million, as well as the then-unreleased Lil Wayne album Tha Carter V.{{cite news |url=https://www.bloomberg.com/news/articles/2018-03-05/shkreli-ordered-by-federal-judge-to-forfeit-almost-7-4-million |title=Shkreli Ordered by U.S. Judge to Forfeit Almost $7.4 Million |website=Bloomberg News |date=March 5, 2018 |access-date=March 9, 2018 |archive-date=March 9, 2018 |archive-url=https://web.archive.org/web/20180309142144/https://www.bloomberg.com/news/articles/2018-03-05/shkreli-ordered-by-federal-judge-to-forfeit-almost-7-4-million |url-status=live }} In April 2018, he was ordered to pay $388,000 in restitution.{{cite news |url=https://www.cnbc.com/2018/04/10/martin-shkreli-ordered-to-pay-388k-in-restitution-to-investor.html |title=Martin Shkreli ordered to pay $388,000 in restitution to investor |first=Dan |last=Mangan |date=April 10, 2018 |website=CNBC |access-date=May 7, 2018 |archive-date=May 8, 2018 |archive-url=https://web.archive.org/web/20180508054813/https://www.cnbc.com/2018/04/10/martin-shkreli-ordered-to-pay-388k-in-restitution-to-investor.html |url-status=live }}

In July 2021, the United States government auctioned off the Wu-Tang Clan album bought by Shkreli to PleasrDAO for $4 million USD.{{Cite web | title=Meet the New Owners of the Wu-Tang Clan's One-of-a-Kind Album - The New York Times | work=The New York Times | date=October 20, 2021 | url=https://www.nytimes.com/2021/10/20/arts/music/wu-tang-clan-once-upon-a-time-in-shaolin.html | archive-url=https://web.archive.org/web/20211020162259/https://www.nytimes.com/2021/10/20/arts/music/wu-tang-clan-once-upon-a-time-in-shaolin.html | access-date=2025-01-01 | archive-date=2021-10-20 | last1=Sisario | first1=Ben }} Jacquelyn M. Kasulis, the acting United States Attorney for the Eastern District of New York, said "Shkreli has been held accountable and paid the price for lying and stealing from investors to enrich himself", and "With today's sale of this one-of-a-kind album, his payment of the forfeiture is now complete."{{Cite news|title=Wu-Tang Clan Album Once Owned By Martin Shkreli Sold By U.S. Government|url=https://www.npr.org/2021/07/27/1021284593/martin-shkreli-wu-tang-clan-album-sold|newspaper=NPR|date=July 27, 2021|last1=Limbong|first1=Andrew|access-date=August 8, 2021|archive-date=August 9, 2021|archive-url=https://web.archive.org/web/20210809002849/https://www.npr.org/2021/07/27/1021284593/martin-shkreli-wu-tang-clan-album-sold|url-status=live}}

Shkreli was federal inmate number 87850-053 and was first held at the Metropolitan Detention Center, Brooklyn, prior to being transferred to federal prison.{{cite news |url=https://www.businessinsider.com/martin-shkreli-inmate-facebook-post-2017-9 |title=Martin Shkreli is in prison – and could end up facing a longer sentence |last=Abadi |first=Mark |website=Business Insider |date=September 15, 2017 |access-date=October 8, 2017 |archive-date=October 10, 2017 |archive-url=https://web.archive.org/web/20171010061954/http://uk.businessinsider.com/martin-shkreli-inmate-facebook-post-2017-9 |url-status=live }} On March 27, 2018, it was reported that Judge Kiyo Matsumoto agreed to recommend Shkreli serve his prison sentence at the minimum-security federal camp at USP Canaan, which he had previously requested.{{cite news |url=https://www.cnbc.com/2018/03/27/pharma-bro-martin-shkreli-files-notice-of-appeal-of-fraud-conviction.html |title=Pharma bro Martin Shkreli appeals fraud conviction as judge mulls restitution award |last=Mangan |first=Dan |website=CNBC |date=March 27, 2018 |access-date=March 29, 2018 |archive-date=March 30, 2018 |archive-url=https://web.archive.org/web/20180330075724/https://www.cnbc.com/2018/03/27/pharma-bro-martin-shkreli-files-notice-of-appeal-of-fraud-conviction.html |url-status=live }}{{cite web |url=https://article.wn.com/view/2018/03/14/Pharma_bro_fraudster_Martin_Shkreli_I_want_to_serve_prison_i_t/ |title='Pharma bro' fraudster Martin Shkreli: I want to serve prison in a minimum-security federal camp |website=wn.com |access-date=April 4, 2018 |archive-date=April 5, 2018 |archive-url=https://web.archive.org/web/20180405154418/https://article.wn.com/view/2018/03/14/Pharma_bro_fraudster_Martin_Shkreli_I_want_to_serve_prison_i_t/ |url-status=live }} On April 18, 2018, Shkreli was transferred from Metropolitan Detention Center, Brooklyn, to FCI Fort Dix (a low-security facility) after his request to serve at Canaan was denied. Shkreli was later transferred to FCC Allenwood.{{cite web |author=Aaron Gregg |title=Martin Shkreli, Wall Street's 'Pharma Bro,' is out of prison early |url=https://www.washingtonpost.com/business/2022/05/18/martin-shkreli-prison/ |date=May 15, 2022 |newspaper=Washington Post |access-date=May 18, 2022 |archive-date=May 19, 2022 |archive-url=https://web.archive.org/web/20220519123750/https://www.washingtonpost.com/business/2022/05/18/martin-shkreli-prison/ |url-status=live }}

On September 6, 2019, several media outlets reported that Shkreli had leveled a lawsuit in a Brooklyn court claiming he had been fraudulently persuaded by a former investor in his Elea Capital fund to sign a promissory note that "left him owing $420,000 to the man's father."{{cite web |url=https://www.cnbc.com/2019/09/06/martin-shkreli-sues-man-over-420000-debt-he-owes-mans-dad.html |title=Martin Shkreli sues investor over $420,000 debt that the 'Pharma Bro' owes the man's dad |last=Mangan |first=Dan |date=September 6, 2019 |website=CNBC |access-date=September 9, 2019 |archive-date=September 8, 2019 |archive-url=https://web.archive.org/web/20190908050934/https://www.cnbc.com/2019/09/06/martin-shkreli-sues-man-over-420000-debt-he-owes-mans-dad.html |url-status=live }}{{cite web |url=https://news.bloomberglaw.com/corporate-law/imprisoned-shkreli-sues-ex-investor-for-fraud-tied-to-his-fund |title=Even Behind Bars, Martin Shkreli Is Still Filing Lawsuits |last=Hurtado |first=Patricia |website=Bloomberg Law |language=en |access-date=September 9, 2019 |archive-date=August 3, 2020 |archive-url=https://web.archive.org/web/20200803195734/https://news.bloomberglaw.com/corporate-law/imprisoned-shkreli-sues-ex-investor-for-fraud-tied-to-his-fund |url-status=live }} Also in 2019, he was transferred to solitary confinement for a time, after prison authorities discovered he was using a contraband smartphone to conduct business from prison.{{cite web|last1=Sisak|first1=Michael R.|last2=Peltz|first2=Jennifer|date=January 14, 2022|title=Shkreli ordered to return $64M, is barred from drug industry|url=https://apnews.com/article/martin-shkreli-daraprim-profits-fb77aee9ed155f9a74204cfb13fc1130|access-date=January 14, 2022|website=Associated Press|language=en|archive-date=January 14, 2022|archive-url=https://web.archive.org/web/20220114233023/https://apnews.com/article/martin-shkreli-daraprim-profits-fb77aee9ed155f9a74204cfb13fc1130|url-status=live}} While incarcerated, he began a relationship with reporter Christie Smythe, leading to their engagement during his imprisonment.{{Cite web |date=2022-05-18 |title=Martin Shkreli's ex Christie Smythe on his release: 'I'd love to see him' |url=https://nypost.com/2022/05/18/martin-shkrelis-ex-christie-smythe-on-his-release-id-love-to-see-him/ |access-date=2023-11-19 |language=en-US |archive-date=January 29, 2024 |archive-url=https://web.archive.org/web/20240129180911/https://nypost.com/2022/05/18/martin-shkrelis-ex-christie-smythe-on-his-release-id-love-to-see-him/ |url-status=live }}{{Cite web |date=2021-10-03 |title=Martin Shkreli's ex Christie Smythe: 'If he manipulated me, I'm glad it worked' |url=https://nypost.com/2021/10/02/martin-shkrelis-ex-christie-smythe-if-he-manipulated-me-im-glad-it-worked/ |access-date=2023-11-19 |language=en-US |archive-date=December 18, 2021 |archive-url=https://web.archive.org/web/20211218171849/https://nypost.com/2021/10/02/martin-shkrelis-ex-christie-smythe-if-he-manipulated-me-im-glad-it-worked/ |url-status=live }}

Shkreli asked the court for compassionate release in April 2020, saying that he should be allowed to live at the New York City apartment of his then-fiancée (later identified as former Bloomberg reporter Christie Smythe) and that his firm needed him to develop a remedy for COVID-19. Judge Matsumoto denied the request and said it was another instance of "delusional self-aggrandizing behavior" by Shkreli.{{cite news |last=Sisak |first=Michael R. |date=April 24, 2021 |title='Pharma Bro' Shkreli loses 2nd bid for early prison release |url=https://apnews.com/article/pandemics-martin-shkreli-mental-health-coronavirus-pandemic-courts-9a60dea8712e7b3ee67174e55ea1435c |url-status=live |archive-url=https://web.archive.org/web/20210808202345/https://apnews.com/article/pandemics-martin-shkreli-mental-health-coronavirus-pandemic-courts-9a60dea8712e7b3ee67174e55ea1435c |archive-date=August 8, 2021 |access-date=August 8, 2021 |work=Associated Press News}}

On May 18, 2022, Shkreli was released from the Allenwood prison and transferred to a Bureau of Prisons halfway house; according to Shkreli's lawyer Brafman, Shkreli was released after "completing all programs that allowed for his prison sentence to be shortened."{{cite news |date=May 18, 2022 |title=Martin Shkreli 'Pharma bro' released early from prison |publisher=BBC News |url=https://www.bbc.com/news/business-61497816 |access-date=May 19, 2022 |archive-date=May 18, 2022 |archive-url=https://web.archive.org/web/20220518191326/https://www.bbc.com/news/business-61497816 |url-status=live }} He lived in the halfway house until September 2022; after his release, he lived with his sister in Queens and earned $2,500 per month as a consultant for a small law firm.Aditi Bharade, [https://www.businessinsider.com/martin-shkreli-living-queens-with-sister-earning-2500-a-month-2023-5 'Pharma bro' Martin Shkreli is out of jail and living with his sister in Queens, and now earns $2,500 a month as a law firm consultant] {{Webarchive|url=https://web.archive.org/web/20230716205504/https://www.businessinsider.com/martin-shkreli-living-queens-with-sister-earning-2500-a-month-2023-5 |date=July 16, 2023 }}, Business Insider (May 24, 2023).Erik Larson & Patricia Hurtado, [https://news.bloomberglaw.com/white-collar-and-criminal-law/ex-pharma-bro-shkreli-now-living-in-queens-on-2-500-a-month Ex-'Pharma Bro' Shkreli Consulting While Living in Queens (2)] {{Webarchive|url=https://web.archive.org/web/20230716211001/https://news.bloomberglaw.com/white-collar-and-criminal-law/ex-pharma-bro-shkreli-now-living-in-queens-on-2-500-a-month |date=July 16, 2023 }}, Bloomberg Law (May 24, 2023). Shkreli wrote that he did the consulting "as a favor, to a friend" and did not "live on $2,500 a month" but rather had an additional salary in a "main day job" for an unlisted position at DL Software, as well as income from other software ventures.{{Cite web |last=Shkreli |first=Martin |date=2023-05-24 |title=How the media lies about me: Bloomberg & Politico |url=https://martinshkreli.substack.com/p/how-the-media-lies-about-me-bloomberg |access-date=2023-08-16 |website=Martin's Newsletter |archive-date=January 10, 2024 |archive-url=https://web.archive.org/web/20240110102802/https://martinshkreli.substack.com/p/how-the-media-lies-about-me-bloomberg |url-status=live }}

In December 2016, the New York State Department of Taxation and Finance issued a tax warrant against Shkreli for $1.26 million for unpaid taxes. He made partial payments and the State recovered another $134,500 from the auctioning off of various assets seized from Shkreli; these included an Enigma machine for $65,000, a manuscript signed by Isaac Newton, and letters from Charles Darwin and Ada Lovelace.{{cite news |url=https://www.cnbc.com/2018/04/23/fight-brews-over-shkrelis-wu-tang-album-as-he-gets-banned-by-securities-industry.html |title=Fight brews over Shkreli's Wu-Tang album as 'pharma bro' gets banned by securities industry |last=Mangan |first=Dan |date=April 23, 2018 |website=CNBC |access-date=April 24, 2018 |archive-date=April 24, 2018 |archive-url=https://web.archive.org/web/20180424024838/https://www.cnbc.com/2018/04/23/fight-brews-over-shkrelis-wu-tang-album-as-he-gets-banned-by-securities-industry.html |url-status=live }}

In April 2018, New York's attorney general asked Judge Matsumoto for priority on more than $480,000 out of the $7.4 million in assets forfeited to the federal government, arguing that the state had priority over the federal government's claims for Shkreli's forfeited assets.

In April 2018, Shkreli agreed to a Securities and Exchange Commission order banning him from the securities industry in exchange for settlement of the SEC administrative action against him; Shkreli is eligible to apply for readmission to the industry.

In 2020, the Federal Trade Commission and seven states—California, Illinois, New York, North Carolina, Ohio, Pennsylvania, and Virginia—filed a civil lawsuit against Shkreli.[https://scholar.google.com/scholar_case?case=17382400614146587324 FTC v. Skreli] {{Webarchive|url=https://web.archive.org/web/20230716212610/https://scholar.google.com/scholar_case?case=17382400614146587324 |date=July 16, 2023 }}, 581 F. Supp. 3d 579 (S.D.N.Y. 2022). A seven-day bench trial was held in December 2021. In January 2022, Judge Denise Cote of the U.S. District Court for the Southern District of New York issued a lengthy opinion and order directing Shkreli to return $64.6 million in wrongfully obtained profits (disgorgement); the money is to be distributed to victims nationwide (via the states that were plaintiffs in the case). The court found that Shkreli had violated federal and state law through an anticompetitive scheme to delay "the entry of generic competition for at least eighteen months" and banned Shkreli from the pharmaceutical industry for life.{{cite news |url=https://www.nytimes.com/2022/01/14/business/martin-shkreli-barred.html |title=Martin Shkreli is barred from the drug industry and ordered to repay $64.6 million. |work=The New York Times |first1=Rebecca |last1=Robbins |first2=Cecilia |last2=Kang |date=January 14, 2022 |access-date=January 15, 2022 |archive-date=January 14, 2022 |archive-url=https://web.archive.org/web/20220114221613/https://www.nytimes.com/2022/01/14/business/martin-shkreli-barred.html |url-status=live }}Jeong, Andrew, [https://www.washingtonpost.com/nation/2022/01/15/martin-shkreli-pharmaceuticals-bro-daraprim/ 'Pharma Bro' Martin Shkreli ordered to repay $64 million and banned for life from drug industry] {{Webarchive|url=https://web.archive.org/web/20220115130020/https://www.washingtonpost.com/nation/2022/01/15/martin-shkreli-pharmaceuticals-bro-daraprim/ |date=January 15, 2022 }}, Washington Post (January 15, 2021). The fine was upheld on appeal by both the Court of Appeals for the Second Circuit and the Supreme Court denied to hear his appeal from that decision.{{Cite news |last=Mangan |first=Dan |date=October 7, 2024 |title=Supreme Court rejects Martin Shkreli fine appeal |url=https://www.cnbc.com/2024/10/07/supreme-court-martin-shkreli-appeal-rejected-fine.html |access-date=October 7, 2024 |work=CNBC}}

On February 23, 2022, U.S. District Judge Kiyo Matsumoto of the U.S. District Court for the Eastern District of New York ordered Shkreli to pay a $1.39 million fine for violating securities laws between 2009 and 2014 and banned him from serving as an officer or a director of any publicly traded company for life.[https://scholar.google.com/scholar_case?case=512628447071875838 Securities & Exchange Commission v. Shkreli] {{Webarchive|url=https://web.archive.org/web/20230716212610/https://scholar.google.com/scholar_case?case=512628447071875838 |date=July 16, 2023 }}, No. 15-CV-7175 (E.D.N.Y. 2022).{{cite web |last=Godoy |first=Jody |date=February 23, 2022 |title=U.S. judge bans Martin Shkreli from running public companies |url=https://www.reuters.com/business/healthcare-pharmaceuticals/us-judge-bans-martin-shkreli-running-public-companies-2022-02-23 |url-access=limited |work=Reuters |access-date=February 24, 2022 |archive-date=February 24, 2022 |archive-url=https://web.archive.org/web/20220224012549/https://www.reuters.com/business/healthcare-pharmaceuticals/us-judge-bans-martin-shkreli-running-public-companies-2022-02-23/ |url-status=live }}

In January 2016, Fortune estimated the then-32-year-old Shkreli's net worth was at least $45 million but later updated its profile to reflect that {{nowrap|"[S]ince}} this article was published the value of Shkreli's E-Trade account had dropped by more than $40 million."[http://fortune.com/2016/01/08/martin-shkreli-net-worth Shkreli net worth estimate] {{Webarchive|url=https://web.archive.org/web/20170215021233/http://fortune.com/2016/01/08/martin-shkreli-net-worth/ |date=February 15, 2017 }}, fortune.com, January 8, 2016; accessed April 19, 2017. Shkreli leveraged a $4 million E-Trade account for his bail.[http://fortune.com/2016/02/03/martin-shkrelis-etrade-account-has-lost-40-million Shkreli's etrade account has lost $40 million] {{Webarchive|url=https://web.archive.org/web/20170220012428/http://fortune.com/2016/02/03/martin-shkrelis-etrade-account-has-lost-40-million/ |date=February 20, 2017 }}, fortune.com; accessed February 18, 2017.

In June 2017, Reuters reported that Shkreli had reported his net worth at $70 million after being arrested in 2015 and that his attorney Benjamin Brafman, in a hearing before Judge Kiyo Matsumoto, had conceded that his client still owned shares of Turing Pharmaceuticals worth between $30 and $50 million.{{Cite news|url=http://in.reuters.com/article/usa-crime-shkreli-idINL1N1JG1AK|title=U.S. judge wants more details on ex-drug executive Shkreli's finances|author=|agency=Reuters India|access-date=June 27, 2017|language=en-IN|archive-date=June 20, 2017|archive-url=https://web.archive.org/web/20170620075647/http://in.reuters.com/article/usa-crime-shkreli-idINL1N1JG1AK|url-status=dead}}

In December 2020, Shkreli was in a relationship with Christie Smythe, a former reporter for Bloomberg News who broke the news of Shkreli's arrest in 2015. Smythe described their relationship as being "life partners". In October 2021, Smythe said the two had broken up but remained friends.{{cite news |last1=Clifford |first1=Stephanie |title=The Journalist and the Pharma Bro |url=https://www.elle.com/life-love/a35021224/martin-shkreli-christie-smythe-pharma-bro-journalist/ |access-date=December 21, 2020 |magazine=Elle |date=December 20, 2020 |archive-date=December 21, 2020 |archive-url=https://web.archive.org/web/20201221000217/https://www.elle.com/life-love/a35021224/martin-shkreli-christie-smythe-pharma-bro-journalist/ |url-status=live }}{{cite web|date=October 3, 2021|title=Martin Shkreli's ex Christie Smythe: 'If he manipulated me, I'm glad it worked'|url=https://nypost.com/2021/10/02/martin-shkrelis-ex-christie-smythe-if-he-manipulated-me-im-glad-it-worked/|access-date=December 18, 2021|website=New York Post|language=en-US|archive-date=December 18, 2021|archive-url=https://web.archive.org/web/20211218171849/https://nypost.com/2021/10/02/martin-shkrelis-ex-christie-smythe-if-he-manipulated-me-im-glad-it-worked/|url-status=live}}

In October 2023, Vanity Fair published an article on Madison Campbell, the CEO of Leda Health.{{Cite magazine |first=Caleb |last=Ecarma|date=2023-10-16 |title="Are You Dating Martin Shkreli?": How A Pharma Bro Fling Upended Madison Campbell's Start-Up |url=https://www.vanityfair.com/news/2023/10/dating-martin-shkreli-pharma-bro-fling-madison-campbells-start-up |access-date=2023-10-27 |magazine=Vanity Fair |language=en-US |archive-date=October 16, 2023 |archive-url=https://web.archive.org/web/20231016204357/https://www.vanityfair.com/news/2023/10/dating-martin-shkreli-pharma-bro-fling-madison-campbells-start-up |url-status=live }} In the article, it was revealed that Campbell had been involved in a romantic relationship with Shkreli between February and August 2023. Campbell says the two bonded over being "healthcare pariahs" but chose to keep her relationship with him private due to his reputation. Shkreli denied Vanity Fair{{'}}s request for comment and blocked the author of the article on Twitter.

Shkreli, an avid League of Legends player, began expressing interest in purchasing an eSports team in May 2014.{{cite web |url=http://www.dailydot.com/esports/shkreli-challenger-inori-curryshotgg |title=Millionaire pharmaceutical CEO set to shake up Challenger scene with new team |first=Jacob |last=Wolf |website=The Daily Dot |date=May 6, 2015 |access-date=August 27, 2015 |archive-url=https://web.archive.org/web/20150923224828/http://www.dailydot.com/esports/shkreli-challenger-inori-curryshotgg/ |archive-date=September 23, 2015 }} Enemy eSports rejected a US$1.2 million offer from Shkreli.{{cite web |url=http://esportsgo.com/enemy-esports-turned-1-2-million-league-legends-team/esports |title=Enemy Esports Turned Down $1.2 Million for Their League of Legends Team |first=Alexandre ("Druppet") |last=Weber |website=eSports Go |date=May 4, 2015 |access-date=September 24, 2015 }}{{Dead link|date=January 2022 |bot=InternetArchiveBot |fix-attempted=yes }} He later founded his own team, Odyssey eSports, and aimed to qualify for the 2015 North American League of Legends Challenger Series, but the team failed. In August 2015, Odyssey merged with another team to become the organization Team Imagine, with Shkreli becoming chairman of the team. During the merger, the organization signed the Dota 2 team Leviathan.{{cite news |url=http://www.dailydot.com/esports/imagine-odyssey-merger |title=Imagine and Odyssey merge, add Leviathan Dota 2 squad |first=Jacob |last=Wolf |website=The Daily Dot |date=August 7, 2015|access-date=August 27, 2015 |archive-url=https://web.archive.org/web/20150923224803/http://www.dailydot.com/esports/imagine-odyssey-merger/|archive-date=September 23, 2015 }}{{cite web |url=http://dotablast.com/recently-merged-league-of-legends-organization-adds-team-leviathan-dota-2-squad |title=Recently merged League of Legends organization adds Team Leviathan Dota 2 squad |website=DotaBlast |first=Andra |last=Ciubotaru |date=August 18, 2015 |access-date=August 27, 2015 |archive-date=September 25, 2015 |archive-url=https://web.archive.org/web/20150925072329/http://dotablast.com/recently-merged-league-of-legends-organization-adds-team-leviathan-dota-2-squad/ |url-status=live }}

Shkreli won an auction for the Wu-Tang Clan album Once Upon a Time in Shaolin after the single copy of the album was sold via Paddle8 on November 24, 2015, for US$2 million.{{cite news |author-link=Zack O'Malley Greenburg |last=Greenburg |first=Zack O'Malley |date=November 24, 2015 |url=https://www.forbes.com/sites/zackomalleygreenburg/2015/11/24/wu-tang-clan-secret-album-sold-by-paddle8-but-to-whom |title=Wu-Tang Clan Secret Album Sold By Paddle8, But To Whom? |magazine=Forbes |access-date=December 23, 2015 |archive-date=November 28, 2015 |archive-url=https://web.archive.org/web/20151128155738/http://www.forbes.com/sites/zackomalleygreenburg/2015/11/24/wu-tang-clan-secret-album-sold-by-paddle8-but-to-whom/ |url-status=live }} In October 2016, Shkreli said on his Twitter account that he would release the album for free download if Donald Trump won the 2016 United States presidential election and would destroy the album if Hillary Clinton won.{{cite web |url=http://www.xxlmag.com/news/2016/10/martin-shkreli-unreleased-wu-tang-clan-donald-trump-wins-election |title=Martin Shkreli Will Drop Unreleased Wu-Tang Clan Music If Donald Trump Wins Presidential Election |website=xxlmag |date=October 2016 |access-date=November 9, 2016 |archive-date=November 9, 2016 |archive-url=https://web.archive.org/web/20161109085235/http://www.xxlmag.com/news/2016/10/martin-shkreli-unreleased-wu-tang-clan-donald-trump-wins-election/ |url-status=live }} He shared the intro and one track, the day after Trump was elected.{{cite web |url=https://gizmodo.com/hell-freezes-over-as-martin-shkreli-performs-a-public-s-1788765726 |title=Hell Freezes Over as Martin Shkreli Performs a Public Service |website=Gizmodo |date=November 9, 2016 |access-date=September 9, 2017 |archive-date=September 14, 2017 |archive-url=https://web.archive.org/web/20170914090201/http://gizmodo.com/hell-freezes-over-as-martin-shkreli-performs-a-public-s-1788765726 |url-status=live }}

In September 2017,{{cite magazine |url=https://www.billboard.com/articles/news/8232213/timeline-martin-shkreli-wu-tang-clan-album |title=A Timeline of Events Since Martin Shkreli Purchased Wu Tang Clan's 'Once Upon a Time in Shaolin' |magazine=Billboard |access-date=July 14, 2019 |archive-date=April 24, 2019 |archive-url=https://web.archive.org/web/20190424020409/https://www.billboard.com/articles/news/8232213/timeline-martin-shkreli-wu-tang-clan-album |url-status=live }} Shkreli attempted to sell Once Upon a Time in Shaolin on eBay, with the winning bid passing US$1 million. He was incarcerated before the sale could be completed.{{cite magazine |url=https://www.forbes.com/sites/zackomalleygreenburg/2018/03/21/why-jeff-sessions-may-decide-the-fate-of-wu-tangs-secret-album/ |title=Why Jeff Sessions May Control The Fate Of Wu-Tang's Secret Album |last=Greenburg |first=Zack O'Malley |magazine=Forbes |language=en |access-date=July 14, 2019 |archive-date=September 14, 2019 |archive-url=https://web.archive.org/web/20190914154922/https://www.forbes.com/sites/zackomalleygreenburg/2018/03/21/why-jeff-sessions-may-decide-the-fate-of-wu-tangs-secret-album/ |url-status=live }} In March 2018, following Shkreli's conviction for fraud, a federal court seized assets belonging to him worth $7.36 million, including Once Upon a Time in Shaolin.{{cite news |url=https://www.theguardian.com/music/2018/mar/06/martin-shkreli-wu-tang-clan-album-shaolin-seized-federal-court |title=Martin Shkreli's $2 M Wu-Tang Clan album seized by federal court |last=Beaumont-Thomas |first=Ben |date=March 6, 2018 |newspaper=The Guardian |location=London, UK |access-date=July 14, 2019 |language=en-GB |issn=0261-3077 |archive-date=May 16, 2019 |archive-url=https://web.archive.org/web/20190516015407/https://www.theguardian.com/music/2018/mar/06/martin-shkreli-wu-tang-clan-album-shaolin-seized-federal-court |url-status=live }} It was sold at an auction in 2021 for an undisclosed amount to raise funds for reimbursing victims. In June 2024, Shkreli was sued by a cryptocurrency collective that bought the album for about $5 million; they claimed Shkreli secretly made digital copies in violation of their deal and distributed them to his friends and followers online. On August 26, 2024, a federal judge ordered Shkreli to turn over all copies, including digital, and report the names of anyone he distributed the music to.{{cite web |last=Neumeister |first=Larry |title=Judge orders Martin Shkreli to turn over all copies of unreleased Wu-Tang Clan album |work=AP News |date=August 26, 2024 |access-date=2024-08-26 |url=https://apnews.com/article/martin-shkreli-wutang-clan-pharma-bro-a3849ff63144bfd47fb3083acaa0aed4 }}

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{{cite news| url = https://www.yourcentralvalley.com/news/delusional-martin-shkreli-denied-prison-release-by-judge/-release-15276049.php| title = 'Delusional' Martin Shkreli denied prison release by judge| newspaper = San Francisco Chronicle| date = May 17, 2020| location = New York City| access-date = May 18, 2020| quote = Matsumoto rejected that, relaying concerns of probation officials that Shkreli's claim that he could develop a cure for coronavirus that {{'}}so far eluded the best medical and scientific minds in the world working around the clock{{'}} is {{'}}delusional self-aggrandizing behavior.{{'}}}}{{Dead link|date=February 2023 |bot=InternetArchiveBot |fix-attempted=yes }}

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