'Pharma Bro' Martin Shkreli tearfully apologizes, then sentenced to 7 years

Martin Shkreli the 'Pharma Bro' jailed for seven years

Martin Shkreli, former CEO of a US drug company, was sentenced on Friday to seven years and a fine of 75,000 USA dollars for defrauding investors.

"I also want to make clear that Mr. Shkreli is not a child", said Assistant U.S. Attorney Jacquelyn Kasulis, according to The Associated Press. This is my fault. "I am no victim here", Shkreli said, before breaking down into tears as he promised his lawyer not to let him down in his efforts to contribute to society.

Shkreli, 34, remained hunched over and expressionless when the sentence was announced.

The trial had its freaky turns - Shkreli once ambled into a press room to trash the case, and a gay investor testified that perhaps Shkreli talked of male trysts so he could ingratiate himself with the well-heeled man.

Prosecutors wanted at least 15 years for Shkreli, while defense attorneys asked for no more than 18 months.

Shkreli, who was already ordered to forfeit $7.36 million, was fined $75,000 and received credit for the almost six months he has spent behind bars.

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While awaiting sentencing, Shkreli boasted that he would end up serving hardly any time and what time he did serve would be in the relatively posh environs of a "Club Fed" prison for white collar criminals.

A month after his conviction, Matsumoto revoked Shkreli's $5 million bail and threw him behind bars after he offered a $5,000 bounty on Facebook for a strand of Hillary Clinton's hair. In court filings, prosecutors argued that Shkreli's remorse about misleading his investors was not to be believed. In August 2017, he was convicted of securities fraud during his time running a hedge fund. Prosecutors had accused Shkreli of using his pharmaceutical company Retrophin to repay defrauded investors in hedge funds MSMB Capital and MSMB Healthcare, both of which were also run by him.

In a letter sent last week to the judge, Shkreli pleaded for leniency and for the first time admitted he had erred.

Earlier this week, Shkreli was ordered to hand over $US7.36 million ($9.4 million) in assets, including the one-of-a-kind Wu-Tang record that he purchased for $US2 million ($2.6 million), Once Upon a Time in Shaolin. "There one person to blame for me being here today is me", a choked-up Shkreli told a judge before she imposed the prison term.

But even after becoming one of the most hated men in America, Shkreli managed to pull off a spectacular fall from grace, when he was arrested by the Federal Bureau of Investigation on fraud charges, relating to his hedge fund businesses.


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