Jody Godoy

NEW YORK, Reuters – On Wednesday, a U.S. Judge barred Martin Shkreli, a former executive in pharmaceuticals from being an officer or director at publicly traded companies. He also ordered him to pay a $1.39million fine for violations of securities law that occurred between 2009 and 2014.

U.S. District Court Judge Kiyo Matsumoto of Brooklyn issued her ruling regarding the U.S. Securities and Exchange Commission’s civil case in which Shkreli allegedly defrauded hedge fund investors and stole funds from Retrophin (NASDAQ.) Inc.

Shkreli proposed a ban on officer and director for 10 years. He argued that the seven year sentence he received and the $7.8million forfeiture and penalty he was facing in a related criminal case, were enough punishment.

Shkreli’s lawyer didn’t immediately respond to my request for comment.

Shkreli was known by the nickname “Pharma Bro”, when he increased the cost of Daraprim overnight to $750 per tablet, from $17.50, while serving as the chief executive at Turing Pharmaceuticals. Later, Vyera Pharmaceuticals was renamed Vyera Pharmaceuticals.

That year, he was charged with fraud and conspiracy in connection to Retrophin as well as his MSMB Capital Management & MSMB Healthcare Management hedge fund investments.

Matsumoto described Shkreli in her decision as “chaotic”, dishonest and untrustworthy corporate leaders” that would probably violate the law again, if allowed to manage a public company.

Shkreli, who is currently serving his sentence in a Pennsylvania low-security prison, Allenwood, will be released in November.

A federal judge in Manhattan banned Shkreli’s entry into the drug business for life last month and ordered him pay $64.6million

It came after an unjury trial in which federal and state regulators claimed that Shkreli had tried to establish an illegal monopoly on Daraprim, and kept generic counterparts from the market.