Martin Shkreli's Sentencing Was the Sad, Absurd Spectacle He Deserved

11 March, 2018, 01:09 | Author: Terri Saunders
  • Pharma Bro’ Martin Shkreli sentenced to 7 years in prison

The notorious businessman and troll known as "pharma bro" was given the sentence on Friday by Judge Kiyo Matsumoto in the New York Eastern District Court.

"I am disappointed", Benjamin Brafman, Shkreli's attorney, said after the sentencing. This is my fault. "I now understand how I need to change", Shkreli said in his letter.

Shkreli famously purchased the sole copy of Wu-Tang Clan's "Once Upon A Time In Shaolin" album for $2 million back in 2015 and recently listed the item for sale on eBay.

At the sentencing, Shkreli was seen crying amidst the deliberations, according to The Associated Press.

Furthermore, Judge Matsumoto ruled in February that, for the purposes of sentencing, Shkreli was liable for almost $10.5 million in losses incurred by his investors. 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.

He has been ordered to pay $7.36m (£5.3m) in forfeiture, and was handed a further $75,000 fine on Friday. In September previous year, he took to social media to offer $5,000 for a strand of former presidential candidate Hillary Clinton's hair, a statement Matsumoto saw as a threat and ordered Shkreli to be placed in jail until he was sentenced.

Within a few weeks of his conviction, the judge revoked his bail and sent him to jail after he fired off a Facebook post offering a $5,000 reward for a lock of Hillary Clinton's hair. "There are times when I want to punch him in the face, because he's made my job more hard". At one point the judge had to pass him a box of tissues as he choked through the tears.

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Best known for a 2015 price-gouging scandal involving a decades-old drug that his company acquired, Shkreli was convicted of securities fraud during his time running a hedge fund.

Ahead of sentencing, Shkreli's attorney told the judge there were times he wanted to punch his client in the face. "White collar offenders like Mr. Shkreli use their intelligence and acumen to elude detection", she said.

Shkreli was born in Brooklyn to parents of Albanian and Croatian descent, who moved to United States from Montenegro.

"Our sentencing submission could have been a lot worse", prosecutors told the judge today when defending the call for as much as 15 years.

Shkreli first entered the public eye as the founder and CEO of Turing Pharmaceuticals.

The infamous "Pharma Bro" just got slapped with 7 years in prison for multiple federal securities fraud charges.

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