Well-known fraudster Martin Shkreli is hanging out at a halfway house after he was released from federal prison on Wednesday.
What To Know: According to several reports, citing Shkreli's lawyer, the "Pharma bro" was released from prison after serving a little more than four years of his seven-year sentence.
"I am pleased to report that Martin Shkreli has been released from Allenwood prison and transferred to a BOP [Bureau of Prisons] halfway house after completing all programs that allowed for his prison sentence to be shortened,” Shkreli's lawyer, Ben Brafman, said in a statement.
Shkreli was convicted of securities fraud in 2017 for his involvement in a pair of hedge funds and a former drug company, Retrophin. He had previously developed a notorious reputation for hiking drug prices exponentially overnight at the helm of Turing Pharmaceuticals.
See Also: Wall Street Crime and Punishment: Martin Shkreli, The Self-Destructive Pharma Bro
He earned the title "Pharma bro" for defending the price increases and lashing out at individuals on Twitter Inc (NYSE:TWTR) who called him out for the price hikes. He was subsequently banned from the social media platform, but he posted an update on Facebook following his release.
"Getting out of real prison is easier than getting out of Twitter prison," Shkreli said.
Picked up this guy hitchhiking. Says he’s famous. pic.twitter.com/7XrQaII7lq— Edmund Sullivan (@edmundsullivan) May 18, 2022
As part of his sentence, he is barred for life from running a public company and has been banned from having any involvement in the pharmaceutical industry.
Shkreli will be in the halfway house until released from federal custody on Sept. 14.
Photo: House Committee on Oversight and Government Reform, Public domain, via Wikimedia Commons