"This Is My Fault" - Martin Shkreli Sentenced To 7 Years In Prison

Martin Shkreli sentenced to 7 years in prison for securities fraud

Martin Shkreli sentenced to 7 years in prison for securities fraud

A federal judge in Brooklyn will have to weigh the conflicting portrayals of the former pharmaceutical company CEO on Friday at his sentencing on a securities fraud conviction.

His high-profile lawyer, Ben Brafman, described Shkreli as a mildly autistic, self-taught genius and asked United States district judge Kiyo Matsumoto to limit the prison sentence to a maximum of 18 months.

Federal prosecutors accused Shkreli of cheating investors out of more than $11m between 2009 and 2014 in the investment funds and paying them back - as well as financing his own life - with money from Retrophin, a pharmaceutical company he founded in 2011. The judge in Martin Shkreli's fraud case, Kiyo Matsumoto, has sentenced the poster man for pharmaceutical company greed to seven years.

During the hearing, Assistant U.S. Attorney Alexandra Smith said Shkreli "has no respect for the law".

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. "He is a man who needs to take responsibility for his actions", she said.

"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.

"This case is not about Mr. Shkreli's self-cultivated public persona. nor his controversial statements about politics or culture", Matsumoto said. In September a year ago, he took to social media to offer $5,000 for a strand of former presidential candidate Hillary Clinton's hair, a statement Matsumoto saw as a threat and ordered Shkreli to be placed in jail until he was sentenced.

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Some prospective jurors were excused for calling Shkreli a "snake" and "the face of corporate greed in America". She said that the offer could be viewed as "solicitation of an assault".

The judge ruled earlier this week Shkreli would have to forfeit more than 7.3 million dollars in a brokerage account and personal assets including his one-of-a-kind Wu-Tang Clan album he boasted he bought for two million dollars.

"He shouldn't be sentenced simply for being Martin Shkreli", defense lawyer Ben Brafman said.

Prosecutors was initially seeking a prison sentence of 15 years, while Shkreli's attorneys requested that he serve a 12-to-18 months sentence for his crimes.

Shkreli never seemed prepared for his fate, at first predicting he would be acquitted and then insisting that his punishment would be "close to nil". A House of Representatives oversight committee also subpoenaed Shkreli in 2016 as part of an investigation into accusations of profiteering. She spent a while going through the letters she received - against and in support - of Shkreli's character.

In February 2018, Matsumoto found that losses resulting from Shkreli's crimes tallied up to $10.4 million.

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