Pharmaceutical industry entrepreneur Martin Shkreli is one of America's most hated man, who got vilified after hiking the price of one of the life-saving drug Daraprim. In the audacity of the drug used in the treatment of toxoplasmosis and cystoisosporiasis, he got his nickname as 'Pharma Bro' along with several years sentence behind bars. Furthermore, his staggering net worth also dropped at a rapid pace just because of his devil propaganda to scoop the drug price up to the factor of 56.
Martin's Income Sources And Net Worth Before And After Convicted
Martin Shkreli had a peak net worth of $70 million as an Albanian-American businessman before he was convicted a felon. His income sources consisted from his stake in the pharmaceutical company Turin Pharmaceuticals. As a founder of the New-York based company, which marketed Pyrimethamine (Daraprim) and Vecamyl, he had a stake worth $50 million at one point.
He purchased the rights to the drugs from Impax Laboratories on 10 August 2015 in Paterson, New Jersey for $55 million. The convicted felon then abused his drug license and raised the price of Daraprim in a factor of 56, from $13.50 per pill to $750 in optimism to intensify his assets further.
He was then convicted guilty in August 2017 for securities fraud and had to forfeit $7.4 million. Prosecutors cited to relinquish his stake in the pharmaceutical company, his $5 million personal trading account and a $2 million special edition album by the Wu-Tang Clan in 2018. After the infamous incident of the drug hike, the former drug company executive, and hedge-fund operator still has a net worth of more than $27.1 million (as of March 2018).
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Downfall Of Martin; New Jersey As His New Prison House
His pusillanimous schemes of raising the drug price deemed his downfall and had to face the court due to charges of security sham in a decision by a federal judge. The notorious supervillain was convicted guilty on three counts of fraud in federal court in August 2017.
The jury decided that infamous Pharma Bro had to serve up to 20 years in prison on each of the first counts and five years on the final tally. A judge also revoked his bail after Martin offered $5,000 bounty to get a lock of Hillary Clinton's hair.
Martin Shkreli serves a prison sentence after a judge revoked his bail for Hilary Clinton's $5,000 bounty in September 2017 (Photo: cheatsheet.com)
Along with August 2017 decision to forfeit his assets, in March 2018, he was once again sentenced to serve seven years in prison for defrauding investors out of $10 million. The most hated man of America had been behind bars since September 2017. His prison house was a top New York City criminal defense, Metropolitan Detention Center Brooklyn.
The notorious 5,000% drug price-hiker served on Brooklyn prison house for eight months. In May 2018, he got transported to New Jersey as his new prison house for his seven-year imprisonment. According to The Federal Bureau of Prisons, Martin's release date is 18 October 2023.
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Martin's Former Company Income Declines At Rapid Pace
According to the .statnews.com, Martin's former pharmaceutical company, Turing Pharmaceuticals lost over $1 million in mid-2018. The company income declined after the famous drug hike, where Martin scop more than 5,000 percent price of Daraprim. Turing Pharmaceuticals, who changed the company name to Vyera Pharmaceuticals during September 2017, raised the price of the drug. The drug was used to treat rare parasitic infections in HIV/AIDS patients and babies.
Martin claimed that his company would use all the incomes and the increased price of Daraprim for the development and use of better drugs. The documents showed the company Turing had short-term income blessings after the price hike, and later, sales of Daraprim began to fall at a rapid pace. The company revenues declined by the 15 percent, slipping from $78.5 million to $67 million between 2016 and 2017 and in 2018, the downfall is estimated to hit up to seven percent.
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After Martin's scandal, Turing changed the name to Vyera and tried not to make any contact with the former employee. However, his company did not change the price of the Daraprim and considered $750 as a reasonable price. Vyera Pharmaceuticals is reportedly trying to rebrand and change its name as "Phoenixus," but it is not sure whether Martin's former company would change the allowance of the drug or not.
Martin Shkreli was born on 17 March 1983 in Brooklyn, New York City, New York. The American businessman stands at the height of 1.7 m (5' 7'').
His family is composed of Albanian and Croatian immigrants. At the age of 17, Martin started to intern for Cramer Berkowitz & Co. and attended Hunter College High School.