Martin Shkreli Found Guilty Of Fraud, Sentenced To Seven Years In Prison
Martin Shkreli gained notoriety in 2015 after the then CEO of Turing Pharmaceuticals raised the price of a drug called Daraprim from $13.50 a pill to $750 overnight. Daraprim is a life-saving drug that is frequently used by AIDS and cancer patients. Now, the 34-year-old has been sentenced to seven years in prison on Friday (Mar. 9) for defrauding investors out of $10 million dollars, Buzzfeed reports.
On August 5, 2017, Shkreli was convicted on charges of securities fraud and conspiracy. Prosecutors admitted that many of his business practices amounted to nothing but a Ponzi scheme. Shkreli’s behavior during the trial last year led the judge to call him out for his constant smirking; however, in court Friday during sentencing he seemed to bring a different energy as he broke into tears and asked the judge for leniency.
“I look back and I’m embarrassed and ashamed, I am terribly sorry,” he said to the court, “I took down Martin Shkreli with my disgraceful and shameful actions.”
The former pharmaceutical executive seemed to be in a much more humble space than he was last year. A month after his conviction Shkreli took to Facebook to threaten Hilary Clinton by offering $5,000 to any person who nabbed a strand of her hair during her book tour. His $5 million dollar bail was revoked immediately after and he has been awaiting his sentencing in prison ever since.
His attorney, Benjamin Brafman, upheld in court that he should not be sentenced “for being Martin Shkreli” and that he may be “socially awkward” but he’s “an interesting man with great potential”.
Assistant U.S. Attorney Alixandra Smith argued that Shkreli told “lies on lies” all to trick his investors out of millions.
Earlier this week, Shkreli was forced to forfeit $7.4 million dollars worth of assets to the federal court. Some of the items included including a one-of-a-kind Wu-Tang Clan album, a Picasso painting, and an original copy of Lil Wayne’s Tha Carter V.