SEC Obtains Final Judgment Against Former Pharmaceutical Company CEO, Martin Shkreli Ordering a Permanent Officer and Director Bar and $1.3 Million in Penalties
Securities and Exchange Commission v. Martin Shkreli, et al., 15-cv-7175 (KAM) (EDNY.)
Washington, DC (STL.News) On February 23, 2022, the United States District Court for the Eastern District of New York entered a final judgment against Martin Shkreli, the former CEO of Retrophin, Inc., a publicly-traded pharmaceutical company. The Court granted in its entirety the SEC‘s motion for a permanent officer and director bar and $1.392 million in civil penalties. Shkreli previously consented to a partial judgment ordering injunctions against future violations of the securities laws.
The SEC’s complaint, filed on December 17, 2015, charged Shkreli with committing widespread fraud during 5 years while CEO at Retrophin and when he managed hedge funds. The complaint alleged that Shkreli misappropriated money from two hedge funds he founded and made material misrepresentations to investors, among other misconduct.