April 23, 2018

'Pharma bro' Shkreli sentenced to seven years in jail

11 March 2018, 01:11 | Lionel James

It's 7 years in prison for Martin Shkreli, convicted of fraud

Martin Shkreli the 'Pharma Bro' jailed for seven years

A NY court sentenced former drug company chief Martin Shkreli to seven years in prison over a fraud case on Friday.

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

According to reports from inside the court, Shkreli's troll persona was nowhere to be found on Friday as, prior to his sentencing, he read a tearful statement accepting blame for his actions and declaring "the only person to blame for me being here today is me, I took down Martin Shkreli". During the court hearing earlier today, Shkreli was emotional, saying, "I'm here because of my gross, stupid, negligent mistakes". This is my fault. In 2015, he purchased Wu-Tang Clan's elusive single-copy album Once Upon a Time in Shaolin for an estimated $2 million.

In pleading for a short sentence, Shkreli's defense attorney, Benjamin Brafman, portrayed Shkreli as a misunderstood genius suffering from depression and anxiety conditions.

The judge said that Shkreli's own emails call into question his claims of remorse, and mentioned the time that he wrote "Fuck the feds" while also bragging that he wouldn't serve any real time in prison. His defence team asked for a fraction of that, 12 to 18 months, but even that would have been quite a concession for Shkreli who bragged, even after being convicted, that he would spend little to no time in prison. The judge said the property would not be seized until Shkreli had a chance to appeal.

Shkreli has been in jail since September, when Matsumoto revoked his bail after he offered his social media followers $5,000 if they could bring him a hair from former USA presidential candidate Hillary Clinton.

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"There are times when I want to hold him and hug him", he said.

A complicated picture of Shkreli emerged from the trial, said Matsumoto, who said the case had given her a case of insomnia. In addition to time behind bars, Shkreli was ordered to forfeit almost $7.4 million to the federal government, as well as personal assets, including a Picasso painting and his one-of-a-kind Wu-Tang Clan album, which he purchased for $2 million at a 2015 auction. Estimates are that Shkreli, 34, might get out in a couple of years if his behavior is good.

The disgraced former pharmaceutical executive and hedge fund manager was convicted in August of conspiracy to commit securities fraud and two counts of securities fraud.

"Mr. Shkreli is not a child", federal prosecutor Jacquelyn Kasulis said. "I take responsibility for the fact that I used to behave and communicate in this way", he continued.

Shkreli was also booted from Twitter early a year ago for harassing journalist Lauren Duca.

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