Former drug company CEO and hedge fund manager Martin Shkreli was tearful on friday as he was sentenced to seven years in prison for defrauding investors.
Shkreli, nicknamed the “pharma bro,” became infamous when he raised the price of an AIDS and cancer treatment drug by 5,000 percent, from around $13 to $750 per pill.
martin shkreli was just sentenced to 7 years in prison
— allie conti (@allie_conti) March 9, 2018
The 34-year old faced 15-20 years in prison for securities fraud related to his hedge funds, MSMB Capital and MSMB Healthcare, as well as for conspiring to manipulate the stock price of Retrophin, a drug company he had founded. Shkreli was found responsible for more than $10.4 million in losses while he ran Turing Pharmaceuticals.
Prosecutors argued that Shkreli had lied to get more money from investors, but did not tell them when a stock bet led to significant losses. Shkreli opted instead to fraudulently raise additional money to pay off investors, or moved cash and stocks from Retrophin, they argued.
Shkreli cried in court as he apologized to investors and asked for leniency.
“I want the people who came here today to support me to understand one thing, the only person to blame for me being here today is me,” he said. “I took down Martin Shkreli.”
Earlier in the week, U.S. District Court judge Kiyo Matsumoto ordered the “pharma bro” to forfeit $7.36 million in assists, possibly including a Picasso painting and a one-of-a-kind copy of an unheard Wu-Tang Clan record that he bought at auction for $2 million.
Shkreli did little to garner sympathy for his actions, having had his bond revoked in August when he offered a $5,000 reward to anyone who presented him with a sample of Hillary Clinton’s hair. He has since spent his time awaiting sentencing in federal prison.
He was seen smirking and brushing off interviews with the press and lawmakers, and was kicked off of Twitter several times. A satirical musical was made about his exploits and his story was featured in an episode of CNBC’s “American Greed” television show.
He showed a lack of respect for the court and called his Brooklyn prosecutors “junior varsity” compared with federal prosecutors, prompting sharp responses from Matsumoto. Shkreli’s attorney even told the court that he sometimes wanted to punch his own client in the face.