Pharma Bro Martin Shkreli Sentenced to Seven Years in Prison for Fraud

Isaac Cain
March 10, 2018

U.S. District Judge Kiyo Matsumoto handed down the relatively.

But she did say his crimes were serious and he needed to be held accountable.

"Thank you very much, Your Honor", Shkreli said. But he's upset his client will be behind bars for so long.

The judge spoke about how Shkreli's family and friends "state, nearly universally, that he is kind and misunderstood" and willing to help others in need.

Martin Shkreli, once dubbed the most hated man in America for ratcheting up the price of an HIV drug, was sentenced to seven years in prison Friday on charges of defrauding investors.

His lawyers argued that he deserved 12 to 18 months. "He is a man who needs to take responsibility for his actions", she said.

But last autumn, his bail was revoked by the judge after he offered his followers a $5,000 (£3,600) reward to anyone who could get a lock of Hillary Clinton's hair. Not the government. There is no conspiracy to take down Martin Shkreli.

"I'm not the same person I was".

He said that he hopes to make amends and learn from his mistakes and apologized to his investors.

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

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The sentence from Judge Kiyo Matsumoto in federal court in NY on Friday (Saturday NZ time) was shorter than the 15 years asked for by prosecutors but much longer than the 12 to 18 months Shkreli's lawyers had sought.

Prosecutor Jacquelyn Kasulis told Matsumoto that Shkreli's behavior was "four different fraud schemes over five years", according to Bloomberg.

She encouraged Shkreli to continue teaching inmates when he goes to prison.

Shkreli gained worldwide notoriety in 2015 when he jacked up the price of Daraprim, a decades-old drug that is used to treat a life-threatening parasitic infection.

"The big risk that Shkreli faces here is that he has kind of dug his own grave four times already with this court by showing this complete disdain and thumbing of his nose to the judicial process, and the court, and law enforcement", said David Chase, a former prosecutor for the Securities and Exchange Commission, before Shkreli's sentencing. "There are times when I want to punch him in the face, because he's made my job more hard". He says his client has made his job more hard by his online outbursts, but he shouldn't be punished for that.

Federal prosecutors sought a sentence of at least 15 years. He's been in jail since September of past year and is now awaiting sentencing, but the presiding judge has already ordered Shkreli to forfeit about $7.36 million worth of assets.

Judge Matsumoto took the opportunity to further humble Shkreli by reminding him of his cockier moments, like when he publicly boasted that he wouldn't spend a day in jail and the time he wrote "fuck the feds" in an email.

He first became notorious in 2015 for hiking the price of a lifesaving drug.

A federal judge in Brooklyn will have to weigh the conflicting portrayals of the former pharmaceutical company CEO on Friday at his sentencing on a securities fraud conviction. "He lied to get investors' money, he lied to keep them invested in his funds and he lied once those investors wanted their money back".

Other reports by LeisureTravelAid

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