John Kapoor
John Nath Kapoor | |
|---|---|
| Born | 1942/1943 Amritsar, Punjab, British India |
| Occupation | Pharmaceutical entrepreneur |
| Known for | Former CEO of Insys Therapeutics; principal shareholder in Akorn; convicted felon |
John Nath Kapoor (born 1942/1943) is an American pharmaceutical entrepreneur and multimillionaire, known as the former CEO of Insys Therapeutics and the principal shareholder in the generic drug company Akorn.[1] In 2017, Kapoor was taken into custody and faced several felony charges, including conspiracy under the RICO statute and wire fraud. He was found guilty on all counts, with his convictions subsequently affirmed on appeal.[1][2][3]
Early life
Born in Amritsar, Punjab, during British rule in India, John Nath Kapoor[4] came from a humble background. He completed his undergraduate studies in pharmacy at the Institute of Chemical Technology (previously UDCT) in Mumbai.[5][6] Subsequently, he earned a PhD in medicinal chemistry from the University at Buffalo in 1972, supported by a scholarship.[6]
Career
Kapoor launched his professional journey in 1972 with Invenex Pharmaceutical located in Grand Island, New York. He later progressed to leadership roles at LyphoMed, where he took the company public and oversaw operations amid controversy involving inadequate manufacturing practices that resulted in patient fatalities.
Personal life
After emigrating from India, Kapoor settled in Lake Forest, Illinois, where he raised four children. The John and Editha Kapoor Charitable Foundation, named to honor his late wife Editha who succumbed to breast cancer, contributes to cancer research initiatives. The building housing the University at Buffalo School of Pharmacy and Pharmaceutical Sciences was once named John and Editha Kapoor Hall following his philanthropic contribution; however, this naming honor was rescinded on June 3, 2019, due to his conviction under the RICO statute.
Legal issues
In October 2017, Kapoor was apprehended in Arizona and charged with conspiracy under RICO, wire fraud conspiracy, and violations of the Anti-Kickback Law. The accusations centered on his alleged role in orchestrating payments to physicians to encourage prescriptions of Subsys, a fentanyl-based opioid manufactured by Insys Therapeutics. These actions were part of broader efforts by authorities to address the ongoing opioid epidemic. Additional claims included defrauding health insurance providers. Following these developments, Kapoor stepped down from Insys Therapeutics’ board.
On May 2, 2019, he was convicted of racketeering conspiracy related to increasing Subsys sales profits. On January 23, 2020, Kapoor received a prison sentence of five and a half years and was described as a "former billionaire," although prosecutors had sought a 15-year term. His conviction and sentencing were upheld upon appeal. Due to concerns arising from the COVID-19 crisis, Kapoor postponed commencing his sentence. He ultimately served two years at Duluth FPC, a minimum-security federal correctional facility, before being released in June 2023. Kapoor’s story was dramatized by Andy Garcia in the 2023 Netflix production Pain Hustlers.
External links
- ↑ 1.0 1.1 Cite error: Invalid
<ref>tag; no text was provided for refs namedforbes - ↑ "Stocks". Bloomberg.com. Retrieved 29 October 2017.
- ↑ United States v. Kapoor, Nos. 20-1382, 20-1409 (1st Cir. Aug. 25, 2021), http://media.ca1.uscourts.gov/pdf.opinions/20-1368P-01A.pdf
- ↑ Cite error: Invalid
<ref>tag; no text was provided for refs namedopencorporates - ↑ Rajghatta, Chidanand (May 3, 2019). "Indian-American pharma executive convicted of opioid racketeering - Times of India". The Times of India. Retrieved 24 July 2020.
- ↑ 6.0 6.1 "John N. Kapoor, PhD '72". Buffalo.edu. Retrieved 12 May 2015.
- Born in the 1940s
- Entrepreneurs from Phoenix, Arizona
- Ex-billionaires
- Indian immigrants to the United States
- Opioid crisis
- Alumni of University at Buffalo
- Alumni of University of Mumbai
- Alumni of Institute of Chemical Technology
- Year of birth unknown (living individuals)
- Individuals convicted of racketeering
- Former billionaires