'Pharma Bro' Shkreli to be sentenced for defrauding investors

'Pharma Bro' Shkreli to be sentenced for defrauding investors

Troy Powers
March 11, 2018

"Pharma Bro" Martin Shkreli cried like a baby before a judge sentenced him to seven years in prison for defrauding investors.

"Pharma Bro" Martin Shkreli broke down at his sentencing on Friday, sobbing as he begged a NY court for "your honor's mercy". This is my fault.

"I think it's hard to claim victory when someone like Martin Shkreli is going to jail but if you are asking me if it could have been a lot worse, absolutely", he said.

A crying Shkreli was a far cry from his demeanor in 2015 when he repeatedly taunted authorities on social media.

The defendant hung his head and choked up as he admitted to many mistakes and apologized to the investors he was convicted of defrauding. He walked away with 84 months and credit for time served which is significantly more than the 12 to 18 months Shkreli's defense team lobbied for an but less than half of what prosecutors were aiming for.

Earlier this month Matsumoto granted prosecutors' request that Shkreli forfeit $7.36 million to the government.

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.

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After the trial, the judge revoked his $US5 million bond after he offered Facebook followers money to pluck a strand of former presidential candidate Hillary Clinton's hair.

Brafman says that sometimes he wants to hug Shkreli, and sometimes he wants to punch him in the face.

"This case is not about Mr. Shkreli's self-cultivated public persona ... nor his controversial statements about politics or culture", Matsumoto said.

Best known for a 2015 price-gouging scandal involving a decades-old drug that his company acquired, Shkreli was convicted of securities fraud during his time running a hedge fund.

The infamous "Pharma Bro" just got slapped with 7 years in prison for multiple federal securities fraud charges. "Not once does Shkreli acknowledge that he lied to investors and committed fraud", prosecutors said. "He dropped $2 million on the sole copy of the Wu-Tang Clan album 'Once Upon a Time in Shaolin", which the judge has included in his assets.

The current case was not related to this, Judge Matsumoto reiterated before passing sentence on Friday. He told the court that "the one person to blame for me being here today is me..."

One of the 21st century's most prominent supervillains, Martin Shkreli, might have finally seen the collapse of his dastardly schemes thanks to a recent decision by a federal judge.