Disgraced entrepreneur, Baruch alum gets early release from prison – The Ticker

Martin Shkreli, a pharmaceutical entrepreneur and Baruch College alumnus, was released from federal prison on May 18, three years into his seven-year sentence.

Born and raised in Brooklyn, Shkreli showed great intelligence from an early age, jump two classes at school. At 17, he graduated from the Zicklin School of Business in Baruch as an undergraduate in May 2004 and completed an internship at a hedge fund.

Shkreli returned to Baruch for his master’s degree, graduated in May 2008, and launched a hedge fund, MSMB Capital Management LP, in October 2009.

It was accused for using false claims to mislead $3 million from investors, lying about making profits when MSMB Capital suffered trading losses, and embezzling more than $200,000 before the hedge fund closed.

Shkreli was accused for the last time again, this time with MSMB Healthcare Management LP, another hedge fund he founded in February 2011.

In the same year, he also founded the pharmaceutical company Retrophin Inc., since renamed TravereTherapeutics Inc.

As CEO, he would have plotted with company attorney Evan Greebel to give 2 million shares of shell company to seven employees close to Shkreli, according to CNBC. He left the company in 2014 after being started of his role.

In February 2015, he founded and served as CEO of Turing Pharmaceuticals AG, which was renamed Vyera Pharmaceuticals LLC in September 2017.

Shkreli made headlines after the price of Daraprim, a product of Turing medication used to treat acute malaria and AIDS, jumped more than 5,000%. The price of a single tablet has increased from $13.50 to $750. Turing Pharmaceuticals allegedly tried to stop other companies from making cheaper generic versions of the drug, according to The Wall Street Journal.

He defended the price spike saying that it was necessary to keep production running and that it would not have a significant impact on the healthcare market due to its low presence.

“It’s not the greedy pharmaceutical company trying to rip off patients, it’s us trying to stay in business,” Shkreli said, according to The New York Times. “It is still one of the smallest pharmaceuticals in the world. It really doesn’t make sense to get reviews for this.

Shkreli was arrested at his Manhattan home for fraud on December 17, 2015.

While under arrest, Shkreli made headlines again after winning an auction in 2015 for the only copy of hip-hop group Wu-Tang Clan’s seventh album, “Once Upon a Time in Shaolin.” Part of his $2 million bid went to charity, according to NPR. He was forced to confiscate the album from the federal government in 2018.

A jury sentenced the disgraced entrepreneur in federal court in Brooklyn in July 2017. A judge revoked his bail after Shkreli offered social media followers $5,000 if they acquired hair samples from former US Secretary of State Hillary Clinton.

Shkreli was sentenced to seven years in Allenwood Low Federal Correctional Institution in Pennsylvania in March 2018. He was banned from the pharmaceutical industry for life and was ordered to pay $64.6 million in damages in January 2022 as a results of a Federal Trade Commission lawsuit for monopolizing Daraprim.

Shkreli was released from Allenwood due to his good behavior. It was transported at the New York Residential Reentry Management Office, a federally run halfway house in Brooklyn.

“I am pleased to report that Martin Shkreli has been released from Allenwood Prison and transferred to a BOP halfway house after completing all programs that shortened his prison term,” said attorney Benjamin Brafman. of Shkreli, in a statement. as reported by CNBC.

The New York Post acquired photos of him walking outside the establishment and reported that he was on the dating service, Bumble Inc.

His release from federal custody is scheduled for September 14.

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