Martin Shkreli appeals lifetime ban from pharma industry

Martin Shkreli — the former CEO of Turing Pharmaceuticals who became infamous for hiking the price of a lifesaving drug by 4,000 percent overnight — has asked an appeals court to overturn an order that bars him from working in the pharmaceutical industry, Bloomberg reported Dec. 14.

Mr. Shkreli was convicted of defrauding investors in 2018 and served five years in prison. Along with his prison sentence, U.S. District Judge Denise Cote banned Mr. Shkreli from participating in the pharmaceutical industry in any matter for life and ordered him to pay $64.6 million. 

Mr. Shkreli's attorneys argue the ban violates his constitutional rights and "far exceeds" the powers of federal courts, noting it precludes him from even working as a cashier at Walgreens.

The order "excludes him from entire sectors of the economy that have nothing to do with" his conduct in the case, one attorney told federal appeals court judges in New York Dec. 14, according to Bloomberg.

An attorney for the Federal Trade Commission told the appeals court that the injunction was needed, citing Mr. Shkreli's "dangerous, incorrigible misconduct" which continued even after he was behind bars. 

View the full report here.

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