Martin Shkreli – the Most Hated Man in the U.S.

0
648

Martin Shkreli

Most likely, not everyone in the U.S. would agree on who they believe is the most hated man? However, a few years ago, it seemed like all of the news outlets were naming this person as the “Most Hated Man” in the U.S. His name is Martin Shkreli. He was eventually sentenced to seven years in prison for investor fraud. He was convicted of conspiracy to commit securities fraud and two counts of securities fraud. He had previously been the leader at Turing Pharmaceuticals, where he became known as “Pharma Bro.” Apparently, without any thought, or discussion with associates or other people, he suddenly raised the price of the drug, Daraprim, by 5,000 percent. 

Martin Shkreli Raises Price Of Drug

Can you imagine a person going to the same pharmacy they went to the last time, where they paid $13.50 for the pill and now they’re charged $750 for that same pill? As a result of this price increase, he earned the names of a “morally bankrupt sociopath,” a “scumbag,” a “garbage monster,” and those are just a few of the tamer comments he was given. He also received death threats for his actions, as well as a lot of numerous online ridicules.

Martin Shkreli Acquired Rights To Daraprim

The company he led had acquired the rights to Daraprim. This drug is mostly used for a relatively rare parasitic infection called toxoplasmosis. People with weakened immune systems, such as patients who have AIDS, rely on the drug. His decision made him a snake among patients-right groups, politicians, and innumerable Twitter users. To make matters worse, Martin did not appear to have any remorse or apologies when answering his critics. He did eventually agree to lower the price of the drug to an “affordable level.”

Background of Martin Shkreli

Martin, 32 at the time of his arrest, was born to Albanian and Croatian immigrants. He grew up in a working-class area in Brooklyn, New York. He was able to skip several grades in school. In 2004 he received a business degree from New York’s Baruch College. When he was 17, he became an intern with Cramer Berkowitz & Co. This hedge fund was founded by TV personality Jim Cramer. Two years after graduating, he started his hedge fund, Elea Capital Management. A year later, the business was sued for $2.3 million by Lehman Brothers. In 2008 Martin founded MSMB Capital Management. This acted as the launching pad for creating other biotech firms, including Turing. It seems that Shkreli had success and failure in his young career. His primary defense, when standing trial, for raising the price of Daraprim was that the drug was like an Aston Martin and that the added profits were planned to be used to make improvements in old drugs. 

Some Other Tidbits About Martin Shkreli

Shkreli was removed from a federal prison in New Jersey after it was claimed he was running his pharmaceuticals firm while locked up using a contraband cellphone. At one time, it was reported that he had a net worth of $70 million. Recently he has been denied parole after he requested to be released to develop a cure for COVID-19. Hopefully, the coronavirus will have a remedy by the time he is released in 2023.

Shkreli was able to skip several grades in school because it was said he is extremely intelligent. Hopefully, he will put his intelligence to better use once he is released from prison.