'Pharma bro' Shkreli sentenced to seven years in jail

11 March, 2018, 01:29 | Author: Clint Gray
  • Martin Shkreli's long strange tale could end with a decade in prison

The former pharmaceuticals boss dubbed "Pharma Bro", Martin Shkreli, has been sentenced to seven years in prison.

Former drug company executive Martin Shkreli arrives at U.S. District Court for the third day of jury deliberations in his securities fraud trial in the Brooklyn borough of NY, U.S., August 2, 2017.

Martin Shkreli was sentenced today to serve seven years in prison.

Attorney Benjamin Brafman wants U.S. District Judge Kiyo Matsumoto to sentence the former pharmaceutical company CEO known for trolling critics on the internet to 18 months in prison.

Kasulis said Brafman was trying to portray Shkreli as "a child".

His actions prompted a rebuke from Hillary Clinton, then running for USA president, who said she would crack down on drug pricing if elected - a pledge that wiped tens of billions of dollars from the value of biotech stocks.

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

Things abruptly changed, though, last fall after he jokingly offered his online followers a 5,000 dollar bounty to anyone who could get a lock of Hillary Clinton's hair.

Friday's sentencing is related to Shkreli's behavior from 2009 to 2014-prior to his role at Turing.

Shkreli was also booted from Twitter early a year ago for harassing journalist Lauren Duca. The defense said it was a joke, but Matsumoto ruled it could be seen as "a solicitation of an assault".

He garnered widespread condemnation in 2015 after raising the price of an Aids and cancer drug from $13.50 to $750 per pill. I was across the street from 9/11; I've built businesses from zero to hero, many times over.

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.

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

Shkreli also withdrew hundreds of thousands of dollars from the funds, far more than was permitted by the partnership agreements.

Judge Matsumoto read letters from Shkreli's family and supporters who rallied on his behalf.

Shkreli had been convicted of securities fraud and conspiracy a month earlier.

Several days earlier, Matsumoto ordered Shkreli to surrender almost $7.4 million in assets, including the only copy of a one-of-a-kind album by the rap group Wu-Tang Clan valued at roughly $2 million.

"I do wish you well", Matsumoto said to Shkreli at the end of the hearing, then encouraged him to seek mental health treatment while incarcerated.

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