Blog Briefing Room

Appeals court upholds conviction, prison term for 'Pharma Bro' Martin Shkreli

A federal appeals court on Friday upheld the conviction of pharmaceutical executive Martin Shkreli on charges of securities fraud as well as his seven-year prison sentence, according to Reuters.

A three-judge U.S. Circuit Court of Appeals panel voted unanimously to uphold Shkreli's 2017 conviction, rejecting his attorneys' argument that the judge in the trial gave confusing and inaccurate jury instructions regarding securities fraud, according to the news service.

The court also ruled against Shkreli's argument that the $7.36 million a lower court ordered him to forfeit was excessive because it failed to account for some trading losses he had incurred.

"We're obviously disappointed," Mark Baker, an attorney who argued Shkreli's appeal, told Reuters. "We hoped we would achieve a better result."

Baker told the news service he was unlikely to request a rehearing, telling Reuters "I don't see a basis for a good faith reconsideration. We will consider whatever further options are available."

Shkreli became infamous in 2015 while serving as CEO of Turing Pharmaceuticals, since renamed Phoenixus AG, when he hiked the price of anti-parasitic drug Daraprim by more than 5,000 percent.

He was previously transferred from New Jersey's Federal Correctional Institute, Fort Dix, to Allenwood, Pa., after he was reported to be in possession of a contraband cellphone. He will be eligible for release in October 2023.