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Prison time for 'Pharma Bro'

10 Mars 2018

Shkreli fought back tears as he apologized for stealing millions of dollars from investors in a scheme that reached across several companies.

Shkreli's sentence is much less than the maximum 20 years he was facing and the 15 years prosecutors said he deserved.

"This is my fault. I am no victim here". He later flashed an "OK" sign to his family after he rose from the defense table.

Not long after the Daraprim mess, Shkreli was arrested by the Federal Bureau of Investigation and charged with securities fraud for his mismanagement of two hedge funds, which were apparently a big ol' Ponzi scheme.

"Pharma Bro" Martin Shkreli (SHKREL'-ee) is in the courtroom to be sentenced on a securities fraud conviction.

Infamous Pharma bro Martin Shkreli was sentenced to seven years in prison for defrauding his investors on Friday afternoon.

Judge Matsumoto took the opportunity to further humble Shkreli by reminding him of his cockier moments, like when he publicly boasted that he wouldn't spend a day in jail and the time he wrote "fuck the feds" in an email.

The defense sought a lighter sentence, arguing that Shkreli made money for his investors and should be given the chance to quickly resume research into cures for childhood illnesses.

As for Shkreli himself?

Shkreli was emotional in court, sobbing while he addressed the court and saying.

"I'm not the same person I was", Shkreli said.

"He's not a teenager who just needs some mentoring", she said.

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

"He has the potential to do good", Brafman said.

Former pharmaceutical CEO Martin Shkreli spoke during an August 15 interview by Maria Bartiromo during her "Mornings with Maria Bartiromo" program on the Fox Business Network, in NY. But the judge assured the court that the "Daraprim pricing is not an issue". The drug is used to treat a strain of pneumonia for people with weakened immune systems, including HIV patients.

On Friday, Shkreli's unique journey from a hedge fund rising star to Wall St bad boy took its most serious turn yet.

The indictment accused him of repaying the victimized investors with unauthorized stock grants from Retrophin, a pharmaceutical company he directed after the hedge funds closed. Since then he's caught the attention of the public eye for a number of different reasons, including buying the only copy of the Wu-Tang Clan's Once Upon a Time in Shaolin for a reported $2 million and offering his Facebook followers $5,000 to grab a strand of Hillary Clinton's hair during her book tour.

Assistant US attorney Jacquelyn Kasulis said Mr Brafman was trying to portray Shkreli as a "child".

"What motivates Martin Shkreli is his own image", Kasulis said.

Attorney Benjamin Brafman is speaking at the sentencing Friday for the pharmaceutical company CEO on a securities fraud conviction.

"I could have raised it higher and made more profits for our shareholders which is my primary duty", Shkreli said at the time. Matsumoto rejected Shkreli's motion to throw out his convictions and ruled he must give up almost $US7.4 million in assets, including a Pablo Picasso painting and Once Upon A Time in Shaolin, a one-of-a-kind album by the Wu-Tang Clan.

In his tearful statement to the court, the man worth an estimated $27 million said his actions had nothing to do with money.

He said he is the only person to blame - not the media, not the government, nor his business partners - and that he hopes to make amends and learn from his mistakes.

Prison time for 'Pharma Bro'