"Pharma Bro" Martin Shkreli has been sentenced to 7 years in prison

Brandon Parsons
March 11, 2018

Former hedge fund manager Martin Shkreli was sentenced Friday to seven years in federal prison for committing fraud. Prosecutors had accused Shkreli of using his pharmaceutical company Retrophin to repay defrauded investors in hedge funds MSMB Capital and MSMB Healthcare, both of which were also run by him.

Shkreli, who cried as his sentence was handed down, was past year found guilty on two counts of securities fraud, after lying to his investors to convince them to put more capital into his funds, as well as one count of conspiracy.

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.

During the hearing, Assistant U.S. Attorney Alexandra Smith said Shkreli "has no respect for the law".

A complicated picture of Shkreli emerged from the trial, said Matsumoto, who said the case had given her a case of insomnia.

One of the 21st century's most prominent supervillains, Martin Shkreli, might have finally seen the collapse of his dastardly schemes thanks to a recent decision by a federal judge. But after he exhorted Facebook followers to pluck a hair from Clinton's head and offered $5000 per sample, the judge who sentenced him revoked Shkreli's bail and ordered him to be placed in Brooklyn's Metropolitan Detention Center, a far different experience for the pharma bro.

At his trial a year ago, Shkreli often wore a smirk and was chastised by the judge for his behavior, including for an incident in which he told reporters that the prosecutors on the case were "junior varsity".

Some prospective jurors were excused for calling Shkreli a "snake" and "the face of corporate greed in America".

"Whatever adverse media attention he has brought upon himself with his online presence is ... not before me", she said.

By all accounts, Shkreli deserves to do time.

Shkreli came to unrelated notoriety in 2015 after his company, Turing Pharmaceuticals, hiked the price of HIV medication Daraprim from $13.50 to $750 per tablet.

Matsumoto awarded credit for six months Shkreli has already served while awaiting his sentence.

"This was a witch hunt of epic proportions", Shkreli said at the time, even if "one or two broomsticks" were unearthed.

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.

Earlier, choking back tears, Shkreli read a prepared statement that was at times deeply remorseful and at times defiant at how the government portrayed his actions.

Other reports by AllAboutTopnews

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