Monday, 24 September, 2018

Martin Shkreli sentenced to 7 years in prison for securities fraud

Pharma Bro Martin Shkreli arrives at Federal Court in Brooklyn with his attorney Benjamin Brafman Pharma Bro Martin Shkreli arrives at Federal Court in Brooklyn with his attorney Benjamin Brafman
Elsie Buchanan | 11 March, 2018, 01:05

Martin Shkreli, former CEO of a US drug company, was sentenced on Friday to seven years and a fine of 75,000 USA dollars for defrauding investors.

"Pharma Bro" Martin Shkreli cried like a baby before he was sentenced to seven years in prison for defrauding investors.

Ah, Martin Shkreli, the disgraced "Pharma Bro" who's been busy ruffling all the feathers in the past few years. This is my fault.

"I do wish you well", Matsumoto said to Shkreli at the end of the hearing, then encouraged him to seek mental health treatment while incarcerated.

Vice's senior staff writer, Allie Conti, was in the room during the sentencing, and a sad picture of Shkreli accepting his fate emerged. While this was perfectly legal, it was also a dick move, and won Shkreli the title of "Most Hated Man in America".

However, the 84-month sentence, including time served so far, is still significantly longer than the 12-18 months that Shkreli's lawyers argued for. And now, he's having to give it all up, in order to pay more than $7 million back to the feds.

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Wait, wasn't Twitter verification paused? . "The more clarity we can build, the more trust we'll have", said Dorsey. The micro-blogging site is working on a new process to verify people's identity and, thus, ensure credibility.


Shkreli gained notoriety for his decision to raise the price of a lifesaving drug 5000 per cent. But he was sent to prison weeks later after he offered a $5,000 bounty in a Facebook post to anyone who could "grab a hair" from Mrs Clinton's head during her recent book tour. He reportedly told the Associated Press that "he sometimes wants to hug his client and sometimes wants to punch him in the face". "There one person to blame for me being here today is me", a choked-up Shkreli told a judge before she imposed the prison term.

Matsumoto also mentioned Shkreli's charitable contributions and his knack for picking stocks.

Shkreli, 34, was convicted last August after a five-week trial of securities fraud and conspiracy. He quickly became known for his troll-ish antics, including his penchant for live-streaming sessions and the purchase of an ultra-rare Wu-Tang Clan album (which he was recently forced to forfeit, along with $7.3 million in a brokerage account).

Prosecutors said Shkreli's snarky, defiant jailhouse emails showed his apology was "a carefully constructed facade".

Brooklyn Federal Court Judge Kiyo Matsumoto described Shkreli as a complicated figure - brilliant and generous, as well as scheming and deceptive. The judge apparently was unmoved, although the sentence is less than the 15 years the prosecution requested.

"We do believe the public needs to be protected from Mr. Shkreli", Assistant U.S. Attorney Jacquelyn Kasulis argued. 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.

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