‘Pharma Bro’ loses lawsuit from former business partner — and is now $2.6 million poorer
Martin Shkreli, the infamous founder and former CEO of Turing Pharmaceuticals, just lost big in court.
The Daily Mail reports that Shkreli has been ordered to pay out $2.6 million to former business partner Dr. Thomas Koestler, who alleged that the former Turing executive failed to properly pay him for medical consulting services.
It seems that Shkreli had first been ordered to pay Koestler $2.3 million this past summer — and now he’s being forced to pay an additional $300,000 because he stiffed the doctor on those initial payments.
“Last summer, an arbitrator ruled that Koestler should receive 155,000 Retrophin shares at $15 each from Shkreli (worth a total of $2.3 million) by August 31, 2016,” the Daily Mail notes. “After he failed to transfer the shares, he was also on the hook for interest on that sum — totaling $240,000 — and reimbursement of $26,000 for his share of the payments towards the arbitration expenses.”
Shkreli first rose to notoriety when his company raised the price of Daraprim, a drug used to treat parasitic infections, from $13.50 per pill to $750 per pill.
Shkreli was arrested in December 2015 on securities fraud charges related to his former work as a hedge fund manager at MSMB Capital Management, and as chief executive of biopharmaceutical company Retrophin.