The famous “Pharma Bro” is halfway there.
Martin Shkreli was released from prison on Wednesday and will spend the next few months in an undisclosed halfway house in New York, his lawyer confirmed.
Shkreli, 39, was sentenced in 2018 to seven years behind bars for defrauding investors, but was released from federal prison in Allenwood, Pennsylvania after about four years for good behavior.
“I am pleased to announce that Martin Shkreli has been released from Allenwood prison and transferred to a [Bureau of Prisons] halfway house after completing all of the programs that shortened his prison term,” senior attorney Benjamin Brafman said in a statement. Shkreli is expected to be a free man on September 14.
Shkreli was jailed for deceiving investors, but became infamous for raising the price of a life-saving drug, Daraprim, from $17.50 to $750 a pill. Shkreli’s company bought the license to manufacture the drug in August 2015 and raised the price by more than 4,000% in December 2015.
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After Shkreli’s greed sparked national outrage, he said if he could have done anything differently, he would have raised the price even further. Daraprim treats toxoplasmosis, a potentially fatal parasitic disease for HIV patients and other immunocompromised individuals.
But while ruthless greed is not a crime, lying to investors and stealing their money is. Shkreli was convicted in 2017 on unrelated securities fraud charges.
“For years, Shkreli repeated lie after lie in order to steal his investors’ money, manipulate the stock market and enrich himself,” Brooklyn U.S. Attorney Richard Donoghue said when Shkreli was sentenced. . “He will now pay the price for repeatedly violating the trust placed in him by his investors, employees and the public.”
At the height of his fame, Shkreli purchased a unique Wu-Tang Clan album. When he was convicted, authorities seized the album and auctioned it off.
Shkreli was also banned from Twitter for harassing a journalist. Upon his release on Wednesday, he shared a photo of himself on Facebook and captioned it: “Getting out of real jail is easier than getting out of twitter jail.”
“While I was in the halfway house, I encouraged Mr. Shkreli not to make any further statements,” said Brafman, who has also represented Harvey Weinstein, 50 Cent and Dominique Strauss-Kahn, among others.
Shkreli’s net worth was estimated at $70 million before he was locked up. Earlier this year, he was ordered to pay more than $64 million to victims of his price-measuring scheme and again banned from working in the pharmaceutical industry.