Martin Shkreli Sentenced to 7 Years in Jail for Securities Fraud

Posted March 11, 2018

The smirk wiped off his face, a crying Martin Shkreli was sentenced to seven years in prison for securities fraud yesterday in a hard fall for the pharmaceutical-industry bad boy vilified for jacking up the price of a lifesaving drug. "I took down Martin Shkreli", a sobbing Shkreli said, his voice cracking and his address interrupted by the judge handing him tissues.

He said he deserved a sentence of 18 months or less because the investors got their money back and more from stock he gave them in a successful drug company.

Prosecutor Jacqueline Kasulis slammed Shkreli as an unrepentant fraudster who cares only about himself and his supersized ego.

A complicated picture of Shkreli emerged from the trial, said Matsumoto, who said the case had given her a case of insomnia.

Summing up they called him a "dangerous" man who had failed to show contrition, mocked the justice system and needed to be stopped. Shkreli, in making his plea for leniency, tearfully told the judge that "the one person to blame for me being here today is me".

Matsumoto earlier revoked Shkreli's bail after he put out a $5,000 bounty for a lock of Hillary Clinton's hair.

Former drug company executive Martin Shkreli arrives at US District Court for the third day of jury deliberations in his securities fraud trial in the Brooklyn borough of New York, US, August 2, 2017.

Shkreli received far less that the 20 years he faced under the sentencing guidelines. "He believes that the end truly does justify the means", she said. But we can't help notice that seven years is a pretty heavy sentence for a guy that basically executed a relatively small fraud without a ton of forethought other than the impetus of ego and greed.

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".

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. He has also been ordered to forfeit $7.3 million, which may include his one-of-a-kind Wu-Tang Clan album and a painting by Pablo Picasso. I was across the street from 9/11; I've built businesses from zero to hero, many times over.

Some of his supporters sent letters asking Matsumoto not to lay down a harsh sentence.

The prosecution, which requested a 15-year minimum, said the public should receive protection against Shkreli.