'Pharma Bro' Martin Shkreli Gets 7 Years In Prison For Securities Fraud

Martin Shkreli Ordered To Forfeit $7.36M In Assets, Including His Famous $2M Wu-Tang Album

The self-promoting pharmaceutical executive notorious for trolling critics online was convicted in a securities fraud case past year unconnected to the price increase dispute.

He added that he's the only person to blame, saying "I took down Martin Shkreli with my shameful and wrong actions". "I am not a victim here". The judge said the property would not be seized until Shkreli had a chance to appeal.

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

The 34-year-old Shkreli is perhaps best known for jacking up the price of a life-saving drug and for his snarky online antics using the "Pharma Bro" moniker. "Shkreli was the opposite and may pay a high price for his arrogance". He also ignored the advice of his lawyer by commenting on the trial via social media and YouTube.

In court filings, prosecutors argued that Shkreli's remorse about misleading his investors was not to be believed. In his typical grating style, Shkreli himself had earlier boasted that he would likely spend mere months at a cushy "Club Fed" prison.

"I am terribly sorry", he said to his investors, "I lost your trust".

Judge Matsumoto rejected the argument and on Monday ordered Shkreli to forfeit almost $7.4 million in assets.

Defense lawyer Benjamin Brafman said he was "disappointed" in the outcome. "But Martin's fine and he will be fine", he said.

The Sheepshead Bay native transformed into a global pariah in September 2015, when he hiked the price of Daraprim by 5,000%, to $750 per pill.

Shkreli seemed to treat the case like a big joke.

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They said he deserved a stiffer sentence not because he is "the most hated man in America", but because he is a criminal convicted of serious fraud.

Shkreli was found guilty in August of lying to investors in two failed hedge funds and cheating them out of millions.

Things abruptly changed, though, last fall after he jokingly offered his online followers a $5,000 bounty to anyone who could get a lock of Hillary Clinton's hair.

At the sentencing hearing, prosecutor Jacqueline Kasulis slammed Shkreli as an unrepentant fraudster who cares only about himself and his supersized ego.

"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. "He can't just be an average person who fails, like the rest of us.He needs to be mythical; he needs to be larger than life".

Brafman also said that Shkreli "should not be sentenced exclusively for being Martin Shkreli", telling the judge that he had his "begging voice on".

"He shouldn't be sentenced simply for being Martin Shkreli", Brafman said.

He told the court that he sometimes wants to hug Shkreli and sometimes wants to punch him, but that his outspokenness shouldn't be held against him.

On Monday, the judge ordered Shkreli to forfeit $7.36 million in assets, which could include Shkreli's $5 million E-Trade account, stake in the pharmaceutical company Vyera Pharmaceuticals (formerly Turing Pharmaceuticals), the Wu-Tang Clan album Shkreli purchased in 2015, a Lil Wayne album, an enigma machine, and a Picasso painting. He explained that he was driven not by money but by the desire to grow his stature and reputation.

"I am here because of my gross, stupid and negligent mistakes I made".

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