(9 Mar 2018) Martin Shrkeli, the smirking "Pharma Bro" vilified for jacking up the price of a lifesaving drug, was sentenced Friday to seven years in prison for defrauding investors in two failed hedge funds.
The self-promoting pharmaceutical executive notorious for trolling critics online was convicted in a securities fraud case last year unconnected to the price increase dispute.
Shkreli, his cocky persona nowhere to be found, cried as he told U.S. District Judge Kiyo Matsumoto he made many mistakes and apologized to investors.
He said that he hopes to make amends and learn from his mistakes and apologized to his investors.
Prosecutors argued that the 34-year-old was a master manipulator who conned wealthy investors and deserved 15 years in prison. 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.
The judge insisted that the punishment was not about Shkreli's online antics or raising the cost of the drug.
He was also fined $75,000 and received credit for the roughly six months he has been in prison.
The judge ruled earlier this week that Shkreli would have to forfeit more than $7.3 million in a brokerage account and personal assets including his one-of-a-kind Wu-Tang Clan album that he boasted he bought for $2 million. The judge said the property would not be seized until Shkreli had a chance to appeal.
Shkreli was roundly publicly criticized a few years ago for defending the 5,000 percent price increase of Daraprim, a previously cheap drug used to treat HIV.
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