'Pharma Bro' gets 7 years for fraud

11 March 2018, 01:07 | Andres Norman

Former Pharmaceutical Executive Martin Shkreli Set to Learn Fate Friday

Martin Shkreli's long strange tale could end with a decade in prison

Furthermore, Judge Matsumoto ruled in February that, for the purposes of sentencing, Shkreli was liable for almost $10.5 million in losses incurred by his investors. Its essence is instead about "repeated breaches of trust" and "repeated lies to his investors".

She allowed prosecutors to go after Shkreli's Picasso painting and his hip-hop crown jewels - a copy of Lil' Wayne's "Tha Carter V" and a single-edition cut of the Wu Tang Clan's "Once Upon a Time in Shaolin", which reportedly cost $2 million.

A federal judge in Brooklyn, New York, sentenced a tearful Martin Shkreli to seven years in prison for securities fraud Friday after he told the court he was there because of his "gross, stupid and negligent mistakes".

"This portrayal of Shkreli is skewed", prosecutors, who recommended a 15-year sentence, wrote, according to CNBC.

So what will Shkreli do in prison? "I was a fool", he said, expressing a wish to work "for the betterment of humanity".

"This case is not about pharmaceutical pricing or Mr Shkreli's controversial statements or actions, nor his scientific aptitude, " she said.

The $75,000 fine comes on top of $7.36 million in forfeiture Shkreli had already been ordered to pay following his conviction.

Defense lawyer Benjamin Brafman said he was "disappointed" in the outcome.

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Even 15 years in prison wouldn't be enough for Martin Shkreli... "It could've been a lot worse".

Turing obtained the manufacturing licence for the anti-parasitic drug Daraprim, raising its price from $13.50 (£10) to $750 (£540) per pill. The drug was being used to treat AIDS patients.

Prosecutors said plainly that Shkreli "stole money for his own benefit", and they called it "absurd" to cast Shkreli as some misunderstood child genius. The crimes, related to stock manipulation of shares in Retrophin, one of Shkreli's companies, and ripping off hedge fund backers, could have carried a sentence of up to 20 years.

His online antics would come back to bite him in September of 2017 when, after offering a "bounty" payment for a strand of Hillary Clinton's hair, his bail was revoked and he was put behind bars pending sentencing. He's not a teenager who just needs some mentoring.

Shkreli stoked his notoriety by stonewalling federal lawmakers at a hearing and later tweeting they were "imbeciles".

Brafman, in urging the judge for leniency, also admitted that Shkreli could be infuriating.

The 34-year-old said: "There one person to blame for me being here today is me".



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