Ex-pharma exec Martin Shkreli sentenced to 7 years in prison

Jon Howard
March 11, 2018

"The trial and the six months in a maximum security prison has been a frightening wake-up call", Shkreli wrote, according to CNBC. Shkreli had not defrauded vulnerable people or spent their money on luxury homes or cars, he said. "He can't just be an average person who fails, like the rest of us".

Matsumoto also mentioned Shkreli's charitable contributions and his knack for picking stocks. After being convicted last summer of defrauding investors, Shkreli faced more than a decade in prison. Instead, his victims were rich, sophisticated investors, who ultimately made a healthy profit, he said.

On Friday, judge Kiyo Matsumoto said the fraud case was not about Shkreli's "self-cultivated public persona".

By all accounts, Shkreli deserves to do time.

"I'm old enough to be his father", Shkreli's lawyer, Benjamin Brafman, said before the judge issued the sentence.

He was convicted on August 5, 2017 of securities fraud and conspiracy in what prosecutors said amounted to a Ponzi scheme. "Not once does Shkreli acknowledge that he lied to investors and committed fraud", prosecutors said.

Speaking during the sentencing, Shkreli's prosecutor said that he "has no respect whatsoever for the law", "wants everyone to believe that he is a genius, a whiz kid" and that "cultivating that image is important to him above all else".

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Shortly after being found guilty, Shkreli had bragged about the verdict on his YouTube channel, saying that "A few months of jail doesn't scare me". He said he is the only person to blame - not the media, not the government, nor his business partners - and that he hopes to make amends and learn from his mistakes.

In his remarks before the sentencing, Shkreli cried and pleaded for mercy.

Shkreli earned a terrible reputation after he bought the company responsible for Daraprim and immediately raised the drug's price by more than 5,000%.

After the trial, the judge revoked his $US5 million bond after he offered Facebook followers money to pluck a strand of former presidential candidate Hillary Clinton's hair. So while we might enjoy the schadenfreude of watching Martin Shkreli get hauled off for a long stay at Club Fed, the asshole living inside of all of us should take a moment and wonder if this is a precedent we're really comfortable with on a cosmic level. "I don't think the real me is a collage of voyeuristic and Orwellian snippets collected over the years", he said.

But Shkreli's sentence isn't related to that price hike; it stemmed from events earlier in his career while he managed a hedge fund.

Prosecutors also pointed to Shkreli's unusual conduct inside and outside the courtroom.

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