Pharma Bro gets 7 years in fraud case

Pharma Bro gets 7 years in fraud case”

Martin Shkreli, a former hedge fund manager and pharmaceutical company CEO, was sentenced to seven years in prison for federal securities fraud on Friday. "I am terribly sorry I lost your trust".

Shortly after being found guilty, Shkreli had bragged about the verdict on his YouTube channel, saying that "A few months of jail doesn't scare me".

The asset forfeiture decision is only the latest bump in the road for Shkreli, who found himself with his bond revoked and in jail last September after a odd post on his Facebook account in which he placed an open bounty of $5,000 on a piece of Hillary Clinton's hair.

In his defense, this is Martin Shkreli's face.

Shkreli received far less that the 20 years he faced under the sentencing guidelines.

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

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The $75,000 fine comes on top of $7.36 million in forfeiture Shkreli had already been ordered to pay following his conviction. 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. Shkreli's attorney Benjamin Brafman had been asking the judge for 18 months or less.

"There are times when I want to hug him and hold him and comfort him and there are times when I want to punch him in the face", Brafman said. After being convicted last summer of defrauding investors, Shkreli faced more than a decade in prison.

In a ruling earlier in the week, Matsumoto allowed prosecutors to go after the one-of-a-kind Wu-Tang Clan album that Shkreli purchased for a reported $2 million.

Appearing before Congress in 2016, Shkreli had airly dismissed pleas from lawmakers, repeatedly exercising his right to remain silent. In 2015, Turing acquired the manufacturing license for Daraprim, a drug that is used to treat toxoplasmosis (the "crazy cat lady" disease) as well as complications of HIV, and raised the price from $13.50 to $750 per pill.

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

Judge Matsumoto read letters from Shkreli's family and supporters who rallied on his behalf. "Those emails call into question the sincerity of [your] remorse", she said. And she quoted one piece of correspondence in which he wrote: "F-- the feds". "Thank you very much, your honor", Shkreli responded before being led out of the courtroom.

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