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

11 March, 2018, 01:09 | Author: Samuel Sharp
  • Former Pharmaceutical Executive Martin Shkreli Set to Learn Fate Friday

However, she added that "fraud and manipulation are serious offenses that will incur correspondibly serious penalties".

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

Shkreli is widely known as the former CEO of Turing Pharmaceuticals, the company that, in 2015, hiked the price of pyrimethamine (Daraprim) from $13.50 to $750 a pill. I know what it means to tell the truth and what it means to lie. Its essence is instead about "repeated breaches of trust" and "repeated lies to his investors".

Shkreli has been sentenced to seven years in prison and fined $US75,000.

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

"He has the potential to do good", Benjamin Brafman, Shkreli's attorney, said.

Shkreli, who is 34, choked back tears as he apologized for his actions, admitting that his conduct was "disgraceful" and "shameful". "Never again will I prevaricate or omit or mislead - intentionally or not". "The only person to blame for me being here is me".

Asked about AIDS patients struggling to afford their medication, he said: "On the advice of counsel, I invoke my Fifth Amendment privilege against self-incrimination, and respectfully decline your question".

He has so far been held at the Brooklyn Detention Center, a maximum security facility. Shkreli said he has counseled fellow inmates and taught classes on finance and mathematics. "It is one thing to read about violence". He did, however, say that Shkreli can be frustrating. His own lawyer confessed to wanting to punch him in the face sometimes.

The judge, Kiyo Matsumoto, said her decision did not have to do with Shkreli's reputation, track record with drug pricing, or politics.

Prosecutors were dismissive of Shkreli's pleas for leniency. It's unclear if Shkreli, who Judge Matsumoto said has a net worth of $US27 million ($35 million), still plans to "make paper" while serving his sentence. "He has no respect for the law". He's one of the worst "celebs" we've ever encountered! But these are not victimless crimes. That image is everything to him. "He's no better than any other fraudster".

Even 15 years in prison wouldn't be enough for Martin Shkreli... "He is unsafe", said Kasulis.

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. She estimated his personal net worth at about $27 million. In addition to prison, he has been ordered to pay over $7 million to the federal government in restitution.

The time Shkreli spent in prison will be credited to his seven-year sentence. He has smirked his way through interviews and congressional appearances, and beefed with rappers, reporters and nearly anyone else in his path.

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

Matsumoto revoked his $5 million bail in September and sent him to jail.

During the course of the trial, Shkreli was removed from Twitter for harassing a journalist for Teen Vogue magazine. "That is Congress' job". Matsumoto assured Brafman she would not take into consideration the circus outside the courtroom. Another letter was from a man who said he met Shkreli while driving a cab and expressed his appreciation at how he ended up giving him an internship at one of his drug companies.

"I look back and I'm embarrassed and ashamed", said Shkreli, who was found guilty by a jury in August of unrelated securities fraud charges brought against him in December 2015.


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