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“Pharma Bro” Martin Shkreli released from prison

Martin Shkreli, the so-called “Pharma Bro” who became the face of corporate greed in 2015 by hiking the cost of an AIDS drug by more than 4,000%, was released from the Federal Correctional Institution Allenwood Low in Pennsylvania on Wednesday, according to the Bureau of Prisons. 

Shkreli is being transferred to “community confinement,” which the agency said means he will face either home confinement or live in a halfway house. The BOP didn’t specify which would apply to Shkreli, saying it doesn’t discuss specific conditions about individual inmates because of “safety and security reasons.”

Shkreli will be released from custody of the BOP on September 14, the agency said in an email to CBS MoneyWatch.

The release comes more than four years after the former pharmaceutical company executive was sentenced to seven years in prison for securities fraud, a conviction that was unrelated to his role in raising drug prices. At the time of his sentencing, Shkreli apologized for his “gross, stupid, negligent mistakes” overseeing two hedge funds. 

—This is a developing story and will be updated.


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