Martin Shkreli jailed: 'Pharma Bro' sentenced to seven years for fraud

Martin Shkreli jailed: 'Pharma Bro' sentenced to seven years for fraud

Martin Shkreli jailed: 'Pharma Bro' sentenced to seven years for fraud

Prosecutors had accused Shkreli of using his pharmaceutical company Retrophin to repay defrauded investors in hedge funds MSMB Capital and MSMB Healthcare, both of which were also run by him.

"I took down Martin Shkreli with my disgraceful and shameful actions", he added.

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.

"It's like the kids today who hit send before they really understand what they texted", defense attorney Ben Brafman said.

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

His actions prompted a rebuke from Hillary Clinton, then running for U.S. president, who said she would crack down on drug pricing if elected - a pledge that wiped tens of billions of dollars from the value of biotech stocks.

What we're seeing is a man getting sentenced to long stay in Federal Prison for being a supreme asshole who also did a dumb fraud.

"There is so much more I want to do, and I will do it, the right way", Shkreli said, while starting to break into tears.

But Shkreli staunchly defended the price in his statements to the media and on his once vibrant Twitter account, cultivating a "pharma bro" persona that was brash and outspoken. He's been jailed since September after he offered a $5,000 bounty for some of Hillary Clinton's hair.

The trial ended last August with jurors convicting Shkreli on three counts and acquitting him on five others.

Shkreli received far less that the 20 years he faced under the sentencing guidelines.

But she did say his conduct after the verdict made her doubt the sincerity of his remorse.

Shkreli reached global notoriety in recent years as the "pharma bro" who founded Turing Pharmaceuticals, a company that bought the licenses to several medicines and increased the prices substantially.

"There are times when I want to hold him and hug him", he said.

Turing obtained the manufacturing licence for the anti-parasitic drug Daraprim, raising its price from $13.50 (£10) to $750 (£540) per pill.

Earlier this week, Matsumoto ordered Shkreli to forfeit about $7.4 million in assets, including a one-of-a-kind Wu-Tang Clan album. "And there are times when I want to punch him in the face".

Prosecutors were seeking 15 years' prison, arguing that Shkreli showed no remorse for his actions and pointing to his provocative and freaky statements posted on social media.

While Shkreli was growing a beard and drawing the ire of prosecutors, his former lawyer went to trial. It is not yet clear where he will serve the rest of his time.

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