Martin Shkreli appeal denied by US Supreme Court

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Martin Shkreli appeal denied by US Supreme Court.

The Supreme Court on Monday denied notorious “pharma bro” Martin Shkreli’s request to hear an appeal of his criminal conviction for securities fraud.

The rejection means that Shkreli, 36, will have to serve out the remainder of his seven-year prison term, and forfeit more than $6.4 million.

Shkrekli’s appellate lawyer, Mark Baker, told CNBC that “all [Supreme Court] petitions are long shots.”

“We’re obviously disappointed, and there’s not much more that I can add,” Baker said.

John Marzuilli, a spokesman for the U.S. Attorney for the Eastern District of New York, whose office prosecuted Shkreli, declined to comment.

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Shkreli gained infamy in 2015 when as CEO of the drug firm then known as Turing Pharmaceuticals he raised the price of the medication Daraprim by more than 5,000%. The drug is used to treat a parasitic condition found in infants, pregnant women and people with HIV.

The price hike catalyzed a national argument over the costs of prescription drugs. Shkreli then escalated that argument with a series of controversial statements defending the increase, his smug appearance before a congressional committee and his social media feuds with people such as Hillary Clinton and members of the Wu-Tang Clan.

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He was convicted in 2017 of two counts of securities fraud and one count of conspiracy to commit securities fraud after trial in U.S. District Court in Brooklyn. The case was not related to Daraprim or Turing Pharmaceuticals.

At his trial, prosecutors introduced evidence that he had repeatedly lied to investors about the financial performance of two hedge funds that he ran, and then used money invested in those funds to help start his first pharmaceuticals company, Retrophin.

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Shkreli appealed his to the U.S. Court of Appeals for the Second Circuit, arguing that his trial judge’s instructions to the jury were incorrect and confusing. That court denied the appeal in July, at which point Shkreli filed his last-ditch effort to get the Supreme Court to take the case.

While thousands of petitions for appeal are filed in criminal cases each year with the Supreme Court, typically fewer than 3% are accepted.

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