SoylentNews

-- OriginalOwner_ [tinyurl.com] writes:

KSWB-TV fox5sandiego reports [fox5sandiego.com]

Martin Shkreli was sentenced to seven years in prison on [March 9] for defrauding investors out of more than $10 million.

Shkreli, who gained notoriety for inflating the price of a life-saving drug, had faced up to 20 years behind bars for mismanaging money at his hedge funds.

He was convicted on August 5, 2017 of securities fraud and conspiracy in what prosecutors said amounted to a Ponzi scheme. Shkreli called the charges "a witch hunt of epic proportions".

During his sentencing on Friday in Brooklyn federal court, Shkreli, 34, broke into tears and pleaded with the judge for leniency.

"I look back and I'm embarrassed and ashamed", he told the court. "I am terribly sorry", he said to his investors, "I lost your trust."

"There's no conspiracy to take down Martin Shkreli. I took down Martin Shkreli with my disgraceful and shameful actions."

At his trial last year, Shkreli often wore a smirk and was chastised by the judge for his behavior, including for an incident in which he told reporters that the prosecutors on the case were "junior varsity". He also ignored the advice of his lawyer by commenting on the trial via social media and YouTube.

NY Daily News continues [nydailynews.com]

"Pharma Bro" Martin Shkreli cried like a baby before he was sentenced to seven years in prison for defrauding investors.

The stiff prison term capped the dramatic fall of the biotech entrepreneur-turned-international villain who gained infamy for jacking up the price of a lifesaving drug for AIDS patients.

[...]Shkreli remained hunched over and expressionless when the sentence was announced. He later flashed an "OK" sign to his family after he rose from the defense table.

But his trademark swagger was gone when he shuffled out of the courtroom in his navy blue prison jumpsuit.

"For years, Shkreli told lie after lie in order to steal his investors' money, manipulate the stock market, and enrich himself", said Brooklyn U.S. Attorney Richard Donoghue.

"He will now pay the price for repeatedly violating the trust placed in him by his investors, his employees, and the public."

Al Jazeera adds [aljazeera.com]

Throughout the criminal trial, Shkreli continued to engage in controversial behaviour.

He offered a $5,000 bounty to anyone who could secure a lock of former US presidential candidate Hillary Clinton's hair.

He was also kicked off Twitter for harassing a female journalist in early 2017.

Benjamin Brafman, the defence attorney, had attempted to soften Shkreli's Pharma Bro's image. One such attempt involved testimony about a cat Shkreli adopted and often appeared in his social media. The cat is named "Trashy".

On top of his sentence, Shkreli was forced to forfeit more than $7.3M in accounts and assets and fined $75,000.

The Verge adds [theverge.com]

Shkreli made his first appearance in the public eye in 2015, after the 5,000 percent medication price increase. The decision led to him being scorned as "the most hated man in America" [thedailybeast.com]. Often, he seemed to soak in the reputation, memorably smiling as he pleaded the Fifth during a congressional hearing [theverge.com].

His prison sentence, however, is not tied to those actions. Prosecutors accused Shkreli of lying to investors while he was the CEO of a different pharmaceutical company.

Shkreli gained even more public scrutiny after it was revealed that he was the mystery buyer of a one-of-a-kind Wu Tang Clan album. In one more indignity for Shkreli, a judge also ordered this week that the album, along with other valuable possessions, be forfeited to the government [theverge.com].

Original Submission