Shkreli Gets 7 Years In Prison For Securities Fraud

Kristen Gonzales
March 11, 2018

"[It is about] repeated breaches of trust and repeated lies to his investors".

Before the sentencing, Brafman told Matsumoto that Shkreli, 34, suffered from depression and an anxiety disorder and was a "somewhat broken" person, whom the government wanted to "throw away".

Friday's sentencing is related to Shkreli's behavior from 2009 to 2014-prior to his role at Turing.

Unapologetic from the beginning, when he was roundly publicly criticised for defending the 5,000% price increase of Daraprim - a previously cheap drug used to treat HIV - Shkreli seemed to drift through his criminal case as if it was one big joke.

"He's not a teenager who just needs some mentoring", she said. Shkreli was convicted last September on on two counts of securities fraud and one count of conspiracy to commit securities fraud then and released on bail. But he was sent to prison weeks later after he offered a $5,000 bounty in a Facebook post to anyone who could "grab a hair" from Mrs Clinton's head during her recent book tour. He bought that fabled album for $2 million back in 2015, to nearly universal jeers from the general public, as well as from members of the Wu-Tang Clan themselves.

Earlier this week, Shkreli was ordered to forfeit almost $7.4 million in assets, including the one-of-a-kind Wu Tang Clan album he purchased in 2015 for $2 million.

Prosecutors were dismissive of Shkreli's pleas for leniency. Prosecutors say he deserves at least 15 years behind bars for pilfering funds behind his investors' backs to start the drug company and cover up his fraud.

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Attorney Benjamin Brafman argued for Matsumoto to sentence the former pharmaceutical company CEO known for trolling critics on the internet to 18 months in prison.

But even after becoming one of the most hated men in America, Shkreli managed to pull off a spectacular fall from grace, when he was arrested by the Federal Bureau of Investigation on fraud charges, relating to his hedge fund businesses. 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. Martin Shkreli is a simple-minded troll who became famous because he's an asshole. Outside the court after the sentence, he added: "Could it have been worse?"

"He doesn't think that he did anything wrong because he thinks he's different", said prosecutor Jacquelyn Kasulis during the sentencing.

"He victimises people without thinking about it".

She said the judge had to consider his history and said he had "no respect whatsoever" for the law, or the court proceedings. "Society needs to be protected". Shkreli often would boast online about buying the sole album for $2 million and being the only person in possession of the prized hip-hop heirloom. But the spectre of prison was never far from his mind.

He continued: "She has great discretion as to the sentence she imposes; she could recognise that he is a first offender and give him modest time".

Other reports by TheSundaySentinel

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