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‘Pharma bro’ Martin Shkreli sentenced to seven years on fraud charges

Notorious “pharma bro� Martin Shkreli sobbed and pleaded for leniency but instead received a seven-year prison sentence on federal fraud charges relating to two hedge funds and a drug company he formerly ran, according to published reports.

“The one person to blame for me being here today is me,” Shkreli told the judge before she imposed his prison term. “Not the government. There is no conspiracy to take down Martin Shkreli. I took down Martin Shkreli.

“This is my fault. I am no victim here,” Shkreli continued, as he broke down in tears in the courtroom Friday. He also promised his lawyer he would not to let him down and that he would make contributions to society.

What was his sentence?

Shkreli received a the seven-year sentence that is far more than the 18-month sentence his defense lawyers requested. It was also half of the minimum sentences requested by prosecutors. He was also sentenced to three years of probation after his release and ordered to pay a $75,000 fine. He received six months credit for the time he has already spent in jail.

U.S. District Judge Kiyo Matsumoto in Brooklyn, New York had already ordered Shkreli to forfeit nearly $7.4 million to the federal government. She also ordered him to obtain mental health counseling while on probation.

A psychological examination of Shkreli performed before his sentencing found that he suffered from generalized anxiety disorder, major depressive disorder, and an unspecified personality disorder, CNBC reported.

Charges against Shkreli pertained to his misleading investors about key details of the performance of the MSMB Capital and MSMB Healthcare hedge funds that he operated. In August, he was convicted of conspiring to fraudulently manipulate stock shares of Retrophin, the pharma company he created after both hedge funds effectively collapsed., according to reports.

Evidence presented at the trial showed that he used stocks and cash from publicly traded Retrophin to pay back hedge fund investors. They all received more than they originally invested.

Shkreli attracted negative media attention 2½ years ago for deciding to raise the price of the anti-parasite medication Daraprim by 5,500 percent at Turing Pharmaceuticals, a company he founded.

Shkreli had a gang of social media adversaries that included journalists, Hillary Clinton, members of the hip-hop group the Wu-Tang Clan.

Shkreli has been in federal jail in Brooklyn since September. A month after his conviction, Mastumoto revoked his $5 million release bond.

That move came after Shkreil’s social media stunt that offered his Facebook followers a $5,000 reward for samples of Hillary Clinton’s hair. Shkreli claimed was it was satire, but he drew the attention of the Secret Service and as the ire of prosecutors, CNBC reported.

This post is from TheBlaze. Click here to read the full text

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