March 24, 2018

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'Pharma Bro' Martin Shkreli Sentenced to Seven Years for Defrauding Investors

11 March 2018

Notorious pharma-villain Martin Shkreli showed a softer side on Friday as he sobbed and pleaded for leniency from a judge sentencing him to federal prison for securities fraud.

A federal judge in Brooklyn, New York, on Friday heard from Shkreli, his lawyer, and the prosecution before determining a sentence based on his conviction on securities fraud.

"I took down Martin Shkreli with my disgraceful and shameful actions", he added.

Shkreli's lawyers had argued for a far more lenient sentence of 12 to 18 months.

"The one person to blame for me being here today is me", Shkreli told the judge.

"I also want to make clear that Mr. Shkreli is not a child", Ms Kasulis said.

The judge said she did not take his outside actions into account.

"This case is not about Mr. Shkreli's self-cultivated public persona ... nor his controversial statements about politics or culture", Matsumoto said.

But Shkreli's sentence isn't related to that price hike; it stemmed from events earlier in his career while he managed a hedge fund.

So while Martin Shkreli's undeniable Shkreliness probably played a role in his seven-year sentencing, it's still upsetting that he wasn't made to directly pay for his exploitation of those in need of life-saving medications. "He believes that the end truly does justify the means", she said.

Turing obtained the manufacturing licence for the anti-parasitic drug Daraprim, raising its price from $13.50 (£10) to $750 (£540) per pill. The average prison sentence for those convicted of securities and investment fraud in fiscal 2016, the most recent year available, was four years, according to the U.S. Shkreli often would boast online about buying the sole album for $2 million and being the only person in possession of the prized hip-hop heirloom.

He continued: "She has great discretion as to the sentence she imposes; she could recognise that he is a first offender and give him modest time".

"There are times when I want to hug him and hold him and comfort him and there are times when I want to punch him in the face", Brafman said. He may also still appeal his conviction and his attorney, Brafman, said that with "good time" he would be likely serve less than the total seven years.

Some of his supporters sent letters asking Matsumoto not to lay down a harsh sentence.

Several days earlier, Matsumoto ordered Shkreli to surrender almost $7.4 million in assets, including the only copy of a one-of-a-kind album by the rap group Wu-Tang Clan valued at roughly $2 million.

'Pharma Bro' Martin Shkreli Sentenced to Seven Years for Defrauding Investors