'Terribly Sorry' Martin Shkreli Sentenced to Seven Years

11 March, 2018, 01:09 | Author: Regina Lloyd
  • Pharma Bro Martin Shkreli arrives at Federal Court in Brooklyn with his attorney Benjamin Brafman

"This is my fault. I took down Martin Shkreli".

Shkreli, known for his arrogant persona, broke down into tears and told the courtroom not to feel sorry for him.

The trial had its weird turns - Shkreli once ambled into a press room to trash the case, and a gay investor testified that perhaps Shkreli talked of male trysts so he could ingratiate himself with the well-heeled man. Its essence is instead about "repeated breaches of trust" and "repeated lies to his investors".

While awaiting sentencing, Shkreli boasted that he would end up serving hardly any time and what time he did serve would be in the relatively posh environs of a "Club Fed" prison for white collar criminals.

Martin Shkreli, a former pharmaceutical executive who hiked the price of a life-saving drug by 5,000 percent - and was later convicted on three counts related to securities fraud - was ordered Friday to serve seven years in prison.

The defence submitted that Martin Shkreli is merely a "misunderstood eccentric" who used unconventional means to build wealth for his investors, while prosecutors characterised him as a "master manipulator" and conman, calling for a sentence of 15 years.

She encouraged Shkreli to continue teaching inmates when he goes to prison.

Shkreli later changed his tune, saying to the judge in a letter that the months he spent at a Metropolitan Detention Center in Brooklyn had made him realize the error of his ways. "I didn't agree with the eBay thing, but when I read his paragraph on why he did it, I kind of respected and understood what he said".

In September 2017, Matsumoto revoked Shkreli's $5 million bail for posting online that he would "pay $5,000 per hair obtained from Hillary Clinton".

"Martin is fine", he added, in reference to his client. "It could've been a lot worse".

Shkreli was at the head of the company Turing Pharmaceutical in 2015, when the firm bought the rights to the anti-parasitic drug Daraprim. Some people, including some AIDS patients, cancer patients and in utero fetuses, are at risk of dying due to toxoplasmosis infection.

Shkreli was convicted in August for crimes committed between 2009 and 2011, when he covered up heavy losses at his two hedge funds and then plundered cash from a biotech group to mask the problems.

At the sentencing hearing, prosecutor Jacqueline Kasulis slammed Shkreli as an unrepentant fraudster who cares only about himself and his supersized ego. "He can't just be an average person who fails, like the rest of us.He needs to be mythical; he needs to be larger than life".

The verdict left Brafman suggesting that Shkreli might even avoid jail time.

Brafman, in urging the judge for leniency, also admitted that Shkreli could be infuriating. 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.

"I am not the same person I was during the MSMB era", he said referring to his now dissolved hedge funds.



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