'Pharma Bro' Shkreli sentenced to 7 years for defrauding investors

Mar 10, 2018, 01:13
'Pharma Bro' Shkreli sentenced to 7 years for defrauding investors

Ah, Martin Shkreli, the disgraced "Pharma Bro" who's been busy ruffling all the feathers in the past few years. He was acquitted of five other charges.

The asset forfeiture decision is only the latest bump in the road for Shkreli, who found himself with his bond revoked and in jail last September after a odd post on his Facebook account in which he placed an open bounty of $5,000 on a piece of Hillary Clinton's hair. He has been in prison awaiting sentencing ever since.

In his tearful statement to the court, the man worth an estimated $27 million said his actions had nothing to do with money.

"I am terribly sorry I lost your trust", he said.

Justice came for Martin Shkreli.

Shkreli, 34, remained hunched over and expressionless when the sentence was announced. "I'm old enough to be his father". US District Judge Kiyo Matsumoto reportedly handed him a box of tissues and took a lengthy amount of time reviewing his transgressions and history.

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"There are times I want to punch him in the face, because he's made my job more hard by some of the things he's said", #MartinShkreli's lawyer Benjamin Brafman tells judge at sentencing.

Defense lawyer Benjamin Brafman said he was "disappointed" in the outcome. His lawyers said he was a misunderstood eccentric who used unconventional means to make those same investors even wealthier, and deserved 18 months or less in prison. Prosecutors were looking for 15 years prison time.

"There's no conspiracy to take down Martin Shkreli". "He's not a teenager who just needs some mentoring".

Shkreli was charged in 2015 with using the assets of new companies to pay off debts from his failed hedge fund, MSMB Capital Management.

Shkreli was convicted in August of past year on charges related to a Ponzi-like scheme involving two hedge funds he previously managed and his former pharmaceutical company, Retrophin.

The defence had argued that Shkreli shouldn't have to forfeit anything because the hedge fund investors actually ended up making a profit from drug company stock he gave them.

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After five full days of deliberations a year ago, a jury found Shkreli guilty on two counts of securities fraud and one count of conspiracy to commit securities fraud.

On the Monday before his sentencing, Shkreli was ordered to forfeit nearly $7.4 million.

The judge ruled earlier that Shkreli would have to forfeit more than $7.3 million in a brokerage account and personal assets, including a one-of-a-kind Wu-Tang Clan album that he boasted of buying for $2 million.

"Depending on which investors he is talking to, he changes the story", she said.

Brafman, Shkreli's attorney, argued that the complaints from the investors are "rich people BS".

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