Former Pharmaceutical CEO Martin Shkreli Gets 7 Years In Prison

Javier Stokes
March 11, 2018

"This is my fault".

"There is so much more I want to do, and I will do it, the right way", Shkreli said, while starting to break into tears. Two counts involve securities fraud and the third count was conspiracy to commit securities fraud.

He said he deserved a sentence of 18 months or less because the investors got their money back and more from stock he gave them in a successful drug company.

Shkreli cried in court before the sentence was handed down. "The only person to blame for me being here today is me".

Even 15 years in prison wouldn't be enough for Martin Shkreli... "He can't just be an average person who fails, like the rest of us.He needs to be mythical; he needs to be larger than life". "He needs to be mythical, He needs to be larger than life".

Turing obtained the manufacturing licence for the anti-parasitic drug Daraprim, raising its price from $13.50 (£10) to $750 (£540) per pill.

Court filings show that nobody was impressed with Shkreli's show of remorse.

Some prospective jurors were excused for calling Shkreli a "snake" and "the face of corporate greed in America".

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Prosecutors said he churned out lies to extract investor money and string them along.

Defense lawyers in the case had previously argued that Shkreli "is really a special kid who could cure cancer if left alone", according to CNN. Bloomberg reported that Shkreli wept as he addressed U.S. District Judge Kiyo Matsumoto during the sentencing hearing, and he asked for forgiveness from the investors he defrauded.

The two years since United States law enforcement officers ushered Shkreli in a grey hoodie out of his NY apartment might as well be a lifetime ago. Shkreli was forced to resign in December 2015 after he was arrested by the Federal Bureau of Investigation and charged with securities fraud. Earlier this week, Matsumoto had ruled Shkreli would forfeit more than $7.3 million in a brokerage account and personal assets.

The sentence roughly split the difference between the terms requested by Shkreli's lawyer and the government. Instead, his victims were rich, sophisticated investors, who ultimately made a healthy profit, he said. Shkrelli, however, seems to have changed his tune in federal court. The move was heavily criticised, with Hillary Clinton calling it "outrageous".

"I have learned a very painful lesson", he wrote to Matsumoto.

Prosecutors said Shkreli's snarky, defiant jailhouse emails showed his apology was "a carefully constructed facade".

"What no doubt increased Mr. Shkreli's sentence was his egregious and reckless conduct before, during and after trial", said David Chase, a former prosecutor for the Securities and Exchange Commission. Another supporter said Shkreli's soft side was demonstrated when he adopted a cat from a shelter - named Trashy - that became a fixture on his livestreams.

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