'Pharma bro' Martin Shkreli has been sentenced to 7 years in prison

Bryan Strickland
March 11, 2018

In a packed Brooklyn court house on Friday, Martin Shkreli, the "Pharma Bro" who rose to global notoriety after increasing the price of a lifesaving drug 50-fold, was sentenced to seven years in prison.

The jury, however, cleared him of more than half the charges for allegedly stealing US$11 million in stock from his first pharmaceutical company Retrophin to pay off investors who lost money in two of his hedge funds.

Shkreli was today sentenced to seven years in prison for defrauding investors and was fined $75,000. "The only person to blame for me being here today is me".

Assistant US attorney Jacquelyn Kasulis said Mr Brafman was trying to portray Shkreli as a "child".

The man who embodied the phrase "pharma bro" and once urged his fans to pull a hair from Hillary Clinton's head at a book signing has had a visit from pharma karma.

The judge said she did not take his outside actions into account.

The judge, Kiyo Matsumoto, said her decision did not have to do with Shkreli's reputation, track record with drug pricing, or politics.

At Friday's sentencing hearing, he said: "Prison has been a heartbreaking experience".

She said the judge had to consider his history and said he has "no respect whatsoever" for the law, or the court proceedings.

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Shkreli's choked-up presentation was in sharp contrast to the unapologetic attitude he has exuded since he became infamous in 2015 for raising the price of Daraprim, an anti-malarial medication used by HIV patients, from $13.50 to $750 per pill.

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

Ahead of sentencing, Shkreli's attorney told the judge there were times he wanted to punch his client in the face.

Prosecutors were seeking 15 years' prison, arguing that Shkreli showed no remorse for his actions and pointing to his provocative and freakish statements posted on social media. His lawyers had asked for 12 months to 18 months behind bars.

Earlier this month, the court ordered the Wu-Tang album be seized along with other assets worth a total of $7.36m, including a Picasso painting and another one-of-its-kind rap record.

Shkreli also withdrew hundreds of thousands of dollars from the funds, far more than was permitted by the partnership agreements. His father, who sat on the front row of the courtroom throughout the more than four-week trial, looked at the floor as Matsumoto repeatedly testimony that he had been physically and emotionally abusive and that Shkreli has received little support from his parents.

Shkreli had also spoken about buying Lil B's then-unreleased Black Ken mixtape before reportedly acquiring Lil Wayne's endlessly delayed Tha Carter V LP.

In February 2018, Matsumoto found that losses resulting from Shkreli's crimes tallied up to $10.4 million.

Other reports by GlobalViralNews

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