Martin Shkreli, who is from the United States and goes by the name “Pharma Bro,” is an entrepreneur, stock market analyst, and pharmaceutical executive. He spent time in prison for securities fraud. He started MSMB Capital Management, Turin Pharmaceuticals, and Retrophin with two other people. But most of his wealth is still there today, even though he was once called “the most hated man in America.”
What is Martin Shkreli’s Net worth?
Martin Shkreli is an Albanian-American businessman, hedge fund manager, and convicted felon with a net worth of $0. At his best, Martin Shkreli had a peak net worth of $70 million. Martin’s legal team says that most of his wealth came from his stake in the Company he started, Turing Pharmaceuticals.
In 2015, Shkreli’s actions as CEO of Turing earned him a bad name and the nickname “Pharma Bro” from the public. That year, the Company bought the rights to a drug called Darapri, which is used to treat HIV. Before Turing bought it, Daraprim had been easy to get and cheap for decades. Before Turing, a single pill of Daraprim cost $13.50. As soon as Turing got the rights, he raised the price of each pill to $750.
In 2017, Shkreli was charged with two counts of securities fraud and one count of conspiracy to commit securities fraud. He was arrested and then found guilty in federal court. The charges had nothing to do with what he did with Daraprim.
In March 2018, he was given a Federal prison sentence of seven years. At this point, a judge in his criminal trial told him to give up $5 million from his ETrade account and $2.36 million worth of other assets, such as a Pablo Picasso painting and an unreleased Wu-Tang Clan album. After paying for his legal defense, Martin was said to have nothing left.
In January 2022, Martin was told he could never work in the pharmaceutical industry again and had to give back the $64.6 million he made by charging too much for Daraprim.
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Martin Shkreli was born in Brooklyn, New York, on March 17, 1983. His family and neighborhood in Brooklyn were made up of hard-working people. Both his parents moved to the U.S. and worked as janitors after gathering. Shkreli went to high school at Hunter College. He dropped out of high school before his senior year but finished his requirements at City-As-School High School, a different kind of school. Shkreli got an internship at the Wall Street hedge fund run by CNBC’s Mad Money host Jim Cramer. He was 17 years old. Shkreli went to Baruch College and got a Bachelor of Business Administration degree in 2004.
Career in Finance
The hedge fund Cramer, Berkowitz, and Company was where Shkreli did his internship. While there, he suggested that the stock of a biotech company called Regeneronwhicht was testing a drug to help people lose weight be sold short. Cramer made money when the price of Regeneron went down, just like Shkreli said it would. The SEC also noticed and wanted to know how Shkreli knew that, but they couldn’t find proof that he had insider information or had done anything wrong. After working as an intern and an associate for four years at Cramer Berkowitz, he left to become a financial analyst at two large investment banks.
Shkreli opened Elea Capital Management, his hedge fund, in 2006. Lehman Brothers took Elea to court in New York State the following year. The lawsuit says that Shkreli made a bad bet, and when the stock he shorted went up in price, he didn’t have the money to pay back Lehman Brothers. In October 2007, the bank won a $2.3 million court case against Shkreli. But the bank went out of business before the judgment could be paid.
This near-miss didn’t stop Shkreli at all. He started MSMB Capital Management in 2009. His plan for MSMB was to short biotech companies and then talk about the problems with those companies in chat rooms for stock trading. Another lousy bet that Shkreli made. He sold short 32 million shares of a biotech company the day after its stock price dropped. This deal was made by Merrill Lynch on Shkreli’s behalf. The stock price went up, but Shkreli couldn’t cover his position. Merrill Lynch lost $7 million on this trade. MSMB Capital lost almost all of its money.
Shkreli started a company called Retrophin in 2011 to make more investments in biotech. He looked at biotech companies again, but he focused on the ones that made medicines for rare diseases. In the fall of 2014, Retrophin’s board kicked Shkreli out of the Company. Retrophin sued Shkreli for $65 million because, among other things, he “broke securities rules by trading stocks in an unorthodox way and other ways.”
In February 2015, Shkreli started up another business. He called this one Turin Pharmaceuticals. In 2015, Shkreli got a lot of attention when he bought the life-saving HIV drug Daraprim and then raised the price of each pill from $13.50 to $750, a rise of more than 5,000%. Because of the price hike, Shkreli was quickly seen as a bad guy and a joke, and people started calling him “Pharma Bro.” Before Shkreli bought Daraprim, the drug had been easy to get and cheap for many years. The most common way daraprim was used was to treat people with AIDS-related and unrelated toxoplasmosis by killing parasites and stopping malaria from spreading.
Toxoplasmosis is a disease caused by parasites that can kill people with weak immune systems. According to the lawsuit, Daraprim was easy to get and cheap before Shkreli’s Company bought it in 2015. Shkreli tried hard to stop other companies from making generic versions of this drug and putting them on the market.
In November 2015, Turing/Shkreli said that the list price for Daraprim would not go down. Instead, Shkreli hired lobbyists and a crisis public relations firm to explain why he had to raise the price.
In June 2020, shares of Humanigen, a biotech company that Shkreli ran for a short time, went up 30% after the first human study of its experimental coronavirus drug showed positive results.
The FBI arrested Shkreli on December 17, 2015, after a federal indictment was filed against him for securities fraud in the U.S. District Court for the Eastern District of New York. He was accused of running a Ponzi scheme during his time at MSMB Capital Management and Retrophin. Shkreli said that the government was after him because he raised the price of the drug Daraprim. Shkreli said at his trial in 2017 that none of his investors lost money. He had the guts to say that what he did was not a crime because some people made money. On August 4, 2017, the trial jury found Shkreli guilty of two counts of securities fraud and one count of conspiracy to commit securities fraud but not guilty of five other counts.
During Shkreli’s trial, the CEO of Retrophin, Stephen Aselage, hired by Shkreli in October 2012, testified in Brooklyn federal court that he stayed on the Company’s board of directors because he thought the young entrepreneur was so smart.
“He has a great mind and can see the future. One of my senior managers told me he is like the Pied Piper because he tells stories and sings songs that make everyone want to follow him. “He said this as he tried to explain to the jury why, even though he had doubts, he stayed with the Company in its early days.
Shkreli was given a seven-year prison sentence on March 9, 2018. Shkreli did file an appeal, but in 2019, an appeals court ruled unanimously that the jury verdict was correct. The original judgmentt stayed in place. Shkreli must continue to serve his 7-year sentence and give up more than $7.3 million in assets.
Shkreli told his Facebook friends that they could get $5,000 if they got a strand of Hillary Clinton’s hair while she was on her book tour. This made a federal judge take away Shkreli’s bail.
In 2019, the Bureau of Prisons started looking into Shkreli after it was said that he was using a cell phone to run his pharmaceutical Company from jail. It is against the law for federal prisoners to have cell phones or run businesses. Federal law says that if Shkreli was caught with a cell phone, he could get an extra year in prison or pay a fine. If it turns out that he did business while in jail, there are other ways to punish him.
In January 2020, Letitia James, the attorney general of New York, sued Shkreli again for raising the price of Daraprim, a drug that saves lives. The lawsuit says that Shkreli’s Company stifled competition to protect its high prices for Daraprim, the only FDA-approved medicine to treat a bacterial infection called toxoplasmosis. The case noted that Shkreli had a “complicated and anti-competitive scheme” that kept generic versions of Daraprim from being sold. The complaint wants Shkreli’s Company to stop selling the drug, change its behavior, and give victims money. The attorney general also wants the courts to tell Shkreli that he can never work in the industry again. The lawsuit says that people who bought Daraprim could have saved tens of millions of dollars if they had bought generic versions of the drug, which are no longer available. In a statement, Shkreli’s lawyer said, “Mr. Shkreli looks forward to beating this baseless and unprecedented attempt by the FTC to sue an individual for monopolizing a market.”
Shkreli is still being sued in federal court by the Federal Trade Commission and the attorneys general of Pennsylvania, North Carolina, Virginia, California, New York, Ohio, and Illinois for keeping generic versions of Daraprim from competing with it.
In December 2016, the New York State Department of Taxation and Finance gave Shkreli a tax warrant for $1.26 million in unpaid taxes.
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Shkreli won an auction for the Wu-Tang Clan album Once Upon a Time in Shaolin after a single copy of the album sold for $2 million on Paddle8 on November 24, 2015. In October 2016, Shkreli said on Twitter that he would give the album away for free if Donald Trump won the 2016 U.S. presidential election but would destroy it if Hillary Clinton won. The day after Trump was elected president, he shared the intro and one track.
In March 2015, Hunter College High School said that Shkreli had given $1,000,000 to the school, which was the most significant donation in its history.
The media have called Shkreli the “Pharma Bro.” He has also been called “America’s Most Hated Man.”
Late in 2015, it was said that Shkreli paid $2 million for a rare Wu-Tang Clan album called Once Upon a Time in Shaolin. He then put the album up for sale on eBay. The price of the album was $1,025,100. But since Shkreli was in jail at the time of the sale, the Wu-Tang album was taken along with the rest of his property.
During the 2016 presidential election, Shkreli gave $2,700 to the campaign of Bernie Sanders.
Shkreli sent Kanye West a letter in 2016 offering to buy his album The Life of Pablo. Shkreli’s first offer was for $10 million, but he later raised it to $15 million.
In 2017, a judge agreed to Shkreli’s request to leave New York City so he could speak at Harvard University while he was waiting to be sentenced. The disgraced pharmaceutical executive was asked to speak at a school in Cambridge, Massachusetts. Before that, the University of California, Davis’s student Republican Club invited Shkreli to speak at an event. However, the event wascanceledd when protesters blocked the entrance to the venue. Shkreli was also able to go to Washington, D.C., in January 2016 to see President Trump take office.
In May 2020, Shkreli asked the courts to let him out of jail so he could work on a vaccine for coronavirus. In the court’s decision, U.S. District Judge Kiyo Matsumoto agreed with probation officers who said that Shkreli’s goal of finding a cure for the coronavirus was the kind of delusional and self-centeredbehaviorr that got him sent to prison in the first place for his many crimes. Shkreli also doesn’t meet the requirements for a compassionate release because he isn’t at high risk for COVID-19 and the prison where he is serving time doesn’t have a lot of coronavirus tests that come back positive.
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Jessa Martin is the author of Nogmagazine, A professional in writing by day, and novelist by night, she received her bachelor of arts in film from Howard University and her master of arts in media studies from the New School. A Brooklyn native, she is a lover of naps, cookie dough, and beaches, currently residing in the borough she loves, most likely multitasking.