Martin Shkreli Net Worth: Why Was He Sentenced to Prison?

Martin Shkreli Net Worth: Martin Shkreli is a businessperson and investment banker along with being a violent criminal from Albanian America.

Currently, his estimated net worth is somewhere around $0. It was at a peak and around $70 at some point in his life. The bulk contribution to that net worth, according to Martin’s own legal team, came from his ownership of the firm he established, Turing Pharmaceuticals.

martin shkreli

In 2015, Shkreli was given a new nickname of “Pharma Bro”. Further, he also earned public scorn and infamy. This all can be directly directed towards his conduct as CEO of Turing Pharmaceuticals. Darapri, an HIV therapy medication, was purchased by the corporation that year.

Daraprim had been available and inexpensive for decades before Turing’s acquisition. Before Turing, a single Daraprim medication cost $13.50. Turing quickly raised the price per tablet to $750 after purchasing the rights.

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There are two charges: securities fraud and trying to commit fraud together. Because of these things, Shkreli was arrested, found guilty, and charged in 2017. His use of Daraprim has nothing to do with the charges.

His seven years in federal prison ended in March 2022. On the judge’s order for the criminal case. His account with ETrade lost $5 million.

There were also other things worth $2.36 million, like a Picasso painting and a Wu-Tang Clan album. After paying for his defense in court, Martin had no money left. Martin had to pay back $64.6 million of the money he made from Daraprim in January 2022.

Early Life of Martin Shkreli

March 17, 1983, is the day Martin Shkreli was born in Brooklyn, New York. Brooklyn is a working-class area where he and his siblings were raised. Both of his parents were janitors in the United States, where they actually came from some other country as immigrants. Hunter College High School is where Shkreli did his schooling.

Having dropped out of City-As-School High School before his final year, he finally finished his diploma at an alternative learning high school. Jim Cramer’s Wall Street hedge funds are where Shkreli was offered an internship when he was just 17. Shkreli received a business administration degree from the College of Baruch in 2004.

martin shkreli

Professional Life

Shkreli interned at CNBC host Cramer’s hedge fund. On the drive to the conference, he suggested they shorten Regeneron, a biotech corporation developing a weight-loss drug.

Cramer gained money when Shkreli’s forecast and Regeneron’s price fell. The SEC wondered how Shkreli predicted this.

No evidence suggested he received inside knowledge or engaged in criminal activity. Four years as an intern and associate at Cramer Berkowitz. As a financial analyst at two U.S. and European banks.

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Elea Capital Management was Shkreli’s first venture into the hedge fund industry. Lehman Brothers sued Elea in the court of New York the following year. The complaint claims that Shkreli made an erroneous bet.

He couldn’t repay Lehman Brothers when the market rose. Shkreli was ordered to pay $2.3 million in October 2007. Before the judgment could be collected, the bank closed.

Shkreli was unfazed. 2009: He started MSMB Capital Management. His MSMB strategy is to reduce biotech enterprises and disclose their troubles on stock trading chat boards. Shkreli lost again.

When a biotech company’s stock price fell, he sold 32 million shares to cover short bets. Shkreli utilized Merrill Lynch. Shkreli’s failure to pay his short position cost Merrill Lynch $7 million. MSMB Capital collapsed.

martin shkreli

Personal Life of Martin Shkreli

On November 24, 2015, Paddle8 sold a single copy of Wu-Tang Clan’s Once Upon a Time in Shaolin for $2 million. Shkreli won an auction for the album, and it was sold.

During the 2016 presidential election, Shkreli tweeted that if Trump was elected, he would make the album available for free download, and if Clinton was elected, he would destroy it. Donald Trump uploaded an intro and a single song online after he became president-elect after he was elected.

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A judge allowed Shkreli’s notice to move to New York City so that he may teach at Harvard University in 2017. Cambridge, Massachusetts’ Harvard University has invited the ousted pharmaceutical executive to give a speech.

The Republican Club of the University of California, Davis had invited Shkreli to speak at an event, but protesters blocked the entrance, forcing the event to be canceled. After being granted the right by the Department of Justice to attend Donald Trump’s inaugural in January 2016, Shkreli also was allowed to visit Washington DC.

Shkreli asked to be freed from jail to continue coronavirus vaccine development until May 2020. The court agreed with probation officers that Shkreli’s quest to cure the coronavirus was delusional and selfish.

Since Shkreli is not at high risk for COVID-19 and the prison where he is serving his sentence does not have a high caseload of positive coronavirus tests, he does not qualify for a compassionate release.