Martin Shkreli Sentenced To 7 Years In Federal Prison

Martin Shkreli sentenced to 7 years in prison for securities fraud

Disgraced former pharmaceutical executive Martin Shkreli is sentenced to seven years in prison on charges of defrauding investors.

The stakes are high: The defense wants U.S. District Judge Kiyo Matsumoto to give Shkreli a sentence of 18 months or less because, in the end, his investors in two failed hedge funds got all of their money back and more from stock he gave them in a successful drug company. "I accept the fact that I made serious mistakes, but I still believe that I am a good person with much potential", he said in a three-page letter to the judge overseeing his case. This is my fault. He also went viral after he purchased a Wu-Tang Clan album for $2 million and then used it as a coaster.

While the judge emphasised that it was Shkreli's crimes, not his outside conduct, that resulted in his sentence, it seems impossible that behaviour such as the Clinton hair bounty did not influence the severity of his punishment. In addition to prison, he has been ordered to pay over $7 million to the federal government in restitution. It's unclear if Shkreli, who Judge Matsumoto said has a net worth of $US27 million ($35 million), still plans to "make paper" while serving his sentence.

Attorney Ben Brafman told Mr Matsumoto he sometimes wants to hug Shkreli and sometimes wants to punch him in the face, but said his outspokenness should not be held against him.

Brafman told Matsumoto that his client has depression and anxiety and has been misunderstood. He was convicted a year ago of three counts of security fraud after misleading investors in two failed hedge funds.

"Mr. Shkreli is not a child", federal prosecutor Jacquelyn Kasulis said.

Shkreli was initially freed on bail following his conviction on two counts of securities fraud and one count of conspiracy to commit securities fraud, having been acquitted of five other counts.

A judge wiped that shit-eating grin right off Martin Shkreli's face. In addition to time behind bars, Shkreli was ordered to forfeit almost $7.4 million to the federal government, as well as personal assets, including a Picasso painting and his one-of-a-kind Wu-Tang Clan album, which he purchased for $2 million at a 2015 auction.

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 unusual post on his Facebook account in which he placed an open bounty of $5,000 on a piece of Hillary Clinton's hair.

He said "the only person to blame for me being here today is me".

The former pharma boss wept in the NY courtroom as he begged the judge not to sentence him to years in prison.

Court filings show that nobody was impressed with Shkreli's show of remorse.

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