The pharmaceutical-industry entrepreneur vilified for jacking up the price of a life-saving drug has been placed in a low-security federal prison in New Jersey.

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Martin Shkreli was moved from the Brooklyn Metropolitan Detention Center in New York to the Federal Correctional Institution at Fort Dix . According to its handbook , there are no bars, towers, or locks on rooms. Inmates must demonstrate a high degree of responsibility, and "the expectations are that each inmate will comply."

Millionaire Shkreli, 35, who was dubbed "Pharma Bro" for his loutish behaviour, was sentenced last month to seven years in prison for securities fraud. He was also fined $75,000.

The 35-year-old Shkreli was found guilty in August of lying to investors in two failed hedge funds and cheating them out of millions.

Shkreli he is best known for hiking up the price of the life-saving drug Daraprim, a treatment for HIV patients, from $13.50 a pill to $750, in 2015 when he was chief executive office of Turing Pharmaceuticals.