Martin Shkreli sentenced to seven years in prison

Mar 11, 2018, 01:04
Martin Shkreli sentenced to seven years in prison

Furthermore, Judge Matsumoto ruled in February that, for the purposes of sentencing, Shkreli was liable for almost $10.5 million in losses incurred by his investors. He had already been in prison for six months during the trial and will receive credit for that time.

"What motivates Martin Shkreli is his own image", Kasulis said. "He can't just be an average person who fails, like the rest of us". During the trail, the judge, Matsumoto, was forced to order Shkreli to stop talking after he walked into a room full of reporters and called the prosecutors the "JV team".

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.

The judge ruled earlier that Shkreli would have to forfeit more than $7.3 million in a brokerage account and personal assets, including a one-of-a-kind Wu-Tang Clan album that he boasted of buying for $2 million.

The judge insisted that the punishment was not about Shkreli's online antics or his raising the cost of the drug.

Shkreli stoked his notoriety by stonewalling federal lawmakers at a hearing and later tweeting they were "imbeciles".

"I made serious mistakes but I still believe that I am a good person with much potential".

He was convicted on August 5, 2017 of securities fraud and conspiracy in what prosecutors said amounted to a Ponzi scheme.

The seriousness of his crimes meant Shkreli deserved a long sentence, argued Assistant US Attorney Jacquelyn Kasulis.

While Shkreli was growing a beard and drawing the ire of prosecutors, his former lawyer went to trial.

In pleading for a short sentence, Shkreli's defense attorney, Benjamin Brafman, portrayed Shkreli as a misunderstood genius suffering from depression and anxiety conditions.

"Shkreli uses the letter to shift blame for his actions elsewhere - to his victims, to the government, to others he has encountered on social media, and to "demons who haunted me", the prosecutors argued in asking for a 15-year sentence. 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. He apologized and said: "I was wrong". Shkreli became known as "Pharma Bro" for ratcheting up the price of HIV drug Daraprim by 5,000%.

Shkreli has been in jail since September, when Matsumoto revoked his bail after he offered his social media followers $5,000 if they could bring him a hair from former United States presidential candidate Hillary Clinton.

YOU MIGHT ALSO LIKE
  • Marine Le Pen to reveal new name for National Front

    Marine Le Pen to reveal new name for National Front

    He also praised Le Pen's vision of a political spectrum that is no longer left- right but nationalists versus globalists. Every day, we become stronger and they become weaker. "Today's politics can not be summed up by the left-right divide".
    Toys 'R' Us considers closing all U.S.  stores

    Toys 'R' Us considers closing all U.S. stores

    In January, court documents revealed Toys "R" Us planned to shutter as many as 182 stores, including three in San Diego County. Toys "R" Us is prepping to liquidate its USA operations, according to several media reports .
    State Senate, Assembly pass new gun control legislation

    State Senate, Assembly pass new gun control legislation

    The bills would also ban bump stocks and require out-of-state residents to prove they are mentally fit to own a gun in NY state. The Democrat says anyone convicted of a domestic violence crime would have to surrender any firearms they possess.
  • NCAA BASKETBALL: Tourney teams to be revealed early

    NCAA BASKETBALL: Tourney teams to be revealed early

    I give them a 65% chance to get into the NCAA Tournament , and now they sit and wait for their name to be called on Sunday. Their impressive run started by beating Southern Miss and a Kenyon Martin led Cincinnati team that had already crushed St.
    Thompson: Rangers ace Cummings would thrive against Celtic

    Thompson: Rangers ace Cummings would thrive against Celtic

    Because the first time we did a Celtic-Rangers game, people were talking about record scorelines. We played a practice game this week and he looked very, very strong in it.
    Collin Sexton hits buzzer-beater that could push 'Bama into tourney

    Collin Sexton hits buzzer-beater that could push 'Bama into tourney

    The Crimson Tide rank fifth in blocks per game (5.8) while the Aggies rank 186th in blocks allowed per game (4.3). The win moves Alabama to 18-14 overall and enhances the Crimson Tide's chances of making the NCAA Tournament.
  • Nintendo Surprises Fans with Super Smash Bros. Switch Announcement

    Nintendo Surprises Fans with Super Smash Bros. Switch Announcement

    The fifth Super Smash Bros . game will mark the first time the Inklings from Splatoon will be featured in the fighting series. Super Smash Bros is a game franchise owned by Nintendo and created by Masahiro Sakurai in 1999.
    Scottish Labour conference: Row over single market ahead of Jeremy Corbyn speech

    Scottish Labour conference: Row over single market ahead of Jeremy Corbyn speech

    Needless to say, numerous group's members support Jeremy Corbyn and have joined the Labour Party since he became leader. Earlier asked if the leadership was clamping down on democratic debate, Mr Corbyn insisted: "Absolutely not".
    Fiorentina honour Davide Astori

    Fiorentina honour Davide Astori

    One that people have left behind, and which was governed by values like altruism, elegance, politeness and respect toward others. The Italian global leaves behind long-term wife Francesca Fioretti and their two-year-old daughter Vittoria.
  • Putin says will not change constitution to cling to power

    Putin says will not change constitution to cling to power

    I couldn't care less.They do not represent the interests of the Russian state". "Maybe they're not even Russians", said Putin. Putin, who faces re-election this year, again denied charges by US intelligence agencies that he ordered the interference.

    House Speaker Ryan criticizes Trump tariff plan

    The competing economic instincts that are dividing Trump from the rest of his Republican Party were on full display Thursday. According to reports , Canada and Mexico are exempt from the tariffs amid larger trade negotiations.
    Slight Increase In Windsor's Unemployment Rate

    Slight Increase In Windsor's Unemployment Rate

    The increase in unemployment comes as the region shed more than 10,000 jobs, according to the federal statistics agency. The rate for Medicine Hat - Lethbridge was 6.9 per cent, an increase of three tenths of a point.
popular