He wanted to be banned from the drug industry for life and had to repay $64.6million after he raised the price of a lifesaving medication.
The 38-year-old Shkreli was represented by lawyers who argued that the ban was too broad and violated his First Amendment right to free speech. He was prohibited from discussing the drug industry publicly, even via a blog.
U.S. District Judge Denise Cote imposed a permanent injunction against Shkreli for his antitrust violations. He had intended to “influence management or business” at a pharmaceutical company.
Manhattan-based judge said that Shkreli was not required to sell shares in Phoenixus AG, parent company of Vyera Pharmaceuticals Inc. He used his position as the largest shareholder to facilitate the antitrust violations.
Shkreli is currently serving seven years in prison for a separate case of securities fraud.
His lawyers did not respond immediately to our requests for comment.
Cote discovered that Shkreli used “particularly coercive and heartless” tactics to keep Daraprim the only drug for parasitic infections and prevent generic competitors from entering the market.
Shkreli rose to fame in 2015 when he increased Daraprim’s cost overnight from $17.50 to $750 per tablet.
At the time, he was chief executive officer of Turing Pharmaceuticals. Later, Vyera was renamed.
Cote’s rulings were made following a non-jury trial that was held in a Federal Trade Commission case and seven U.S. States.
Shkreli can be released from prison Nov. 7.
