Tuesday, 11 December, 2018

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

Martin Shkreli Ordered To Forfeit $7.36M In Assets, Including His Famous $2M Wu-Tang Album Pharma bro Shkreli, who weeped in court Friday, is sentenced to 7 years in prison
Carol Daniels | 11 March, 2018, 01:26

A NY court sentenced former drug company chief Martin Shkreli to seven years in prison over a fraud case on Friday.

Martin Shkreli, seen here after being convicted of defrauding investors in two hedge funds and in Retrophin Inc. on August 4, was sentenced Friday to seven years in prison by U.S. District Judge Kiyo Matsumoto.

Shkreli, who is notorious for his trolling on social media, delivered a tearful apology to the judge and the investors he defrauded.

"Mr. Shkreli is about to turn 35 years old", she said "He is a man who needs to take responsibility for his actions". But his crimes are serious and it is important to send a message that such fraud should be not tolerated, she said.

There were no such giggles in the NY courtroom this week, as Shkreli choked back tears and read a statement expressing remorse for his actions.

Shkreli, born in Brooklyn to Albanian immigrant parents, became known as the "Pharma Bro" in September 2015 after founding Turing Pharmaceuticals, buying the anti-parasitic drug Daraprim and raising its price by 5,000%t to $750 per pill.

Brafman told Matsumoto that his client has depression and anxiety and has been misunderstood. Shkreli had not defrauded vulnerable people or spent their money on luxury homes or cars, he said.

Shkreli's lawyer argued he shouldn't have to forfeit a dime because he ultimately made his rich investors richer.

Infamous pharmaceutical executive Martin Shkreli has been jailed for seven years. "Never again will I prevaricate or omit or mislead - intentionally or not". "The only person to blame for me being here is me".

"I am terribly sorry I lost your trust", he added. In his typical grating style, Shkreli himself once boasted that he would likely spend mere months at a cushy "Club Fed" prison. Shkreli said he has counseled fellow inmates and taught classes on finance and mathematics. "It is one thing to read about violence".

Summing up they called him a "dangerous" man who had failed to show contrition, mocked the justice system and needed to be stopped. But, he acknowledged, it is not hard to understand people's frustration's with Shkreli. Shkreli reportedly wept, begged for mercy, and referred to himself in the third person while trying to appeal to Judge Kiyo Matsumoto sympathies. He had dismissed the trial as "a silly witch-hunt perpetrated by self-serving prosecutors".

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Prosecutors was initially seeking a prison sentence of 15 years, while Shkreli's attorneys requested that he serve a 12-to-18 months sentence for his crimes. "He has no respect for the law".

Shkreli drew the time after a jury found him guilty of one count of conspiracy to commit securities fraud and 2 counts of securities fraud. "He stole from his investors".

"I wanted to be a success in the business world, while being young and immature.I will do it [ONE DAY], the right way".

In his defense, this is Martin Shkreli's face. "He is risky", said Kasulis. She estimated his personal net worth at about $27 million. But putting someone in prison for a big chunk of his most vital years for essentially having a deeply personality is harsh. His net worth is still about $20 million, after subtracting the forfeiture and the fine, and also the taxes and legal fees he owes.

Shkreli began working on Wall Street at age 17 before establishing his own hedge fund at age 23. He was repeatedly kicked off Twitter. "He thinks he's better than everybody else and the rules don't apply to him".

His antics continued during the trial, despite warnings from his attorneys.

Shkreli cried in court before the sentence was handed down. Last fall, he offered online followers a $5,000 reward to anyone who could get a lock of Hillary Clinton's hair.

At his trial past year, Shkreli often wore a smirk and was chastised by the judge for his behavior, including for an incident in which he told reporters that the prosecutors on the case were "junior varsity". "That is Congress' job".

Matsumoto assured Brafman she would not take into consideration the circus outside the courtroom.

Shkreli had been convicted of securities fraud and conspiracy a month earlier.

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