Published: Sun, March 11, 2018
Markets | By Rosalie Gross

Shkreli Gets 7 Years In Prison For Securities Fraud

Shkreli Gets 7 Years In Prison For Securities Fraud

Lawyers for the government had requested a 15-year minimum sentence, more than double the jail time ultimately imposed by Matsumoto.

Shkreli let his head hang low as he choked up while admitting to his many mistakes and apologizing to the investors he was convicted of defrauding. "There are times when I want to punch him in the face, because he's made my job more hard". Which is now an internationally recognised way of saying that someone is being an arsehole. "There are times I want to hug and hold him... times I want to punch him in the face for some of the things he's said".

On Monday, Matsumoto ordered Shkreli to pay back US$7.36 million to federal authorities, an amount they can recover by seizing his assets.

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.

Turing Pharmaceuticals founder Martin Shkreli came under fire in 2015 after buying the rights to 62-year-old drug Daraprim, which is used to treat conditions including AIDS-related toxoplasmosis, and jacking up the price to $750 a pill.

After the trial, the judge revoked his $US5 million bond after he offered Facebook followers money to pluck a strand of former presidential candidate Hillary Clinton's hair. He later called the post "satire" before taking down the post entirely.

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"I have learned a very painful lesson", he wrote to Matsumoto. When he finally had a chance to address the judge, he cried as he explained that "poor judgment led me here".

"There are ways to communicate which eliminate the possibility of doubt and alternative interpretations of fact. He is a man who needs to take responsibility for his actions". I was a fool. I know what it means to tell the truth and what it means to lie. "I now understand how I need to change", Shkreli said in his letter. The House committee investigation was unrelated to the fraud charges. He was convicted past year of three counts of security fraud after misleading investors in two failed hedge funds.

A crying Shkreli was a far cry from his demeanor in 2015 when he repeatedly taunted authorities on social media.

"This case is not about Mr. Shkreli's self-cultivated public persona ... nor his controversial statements about politics or culture", Matsumoto said.
Now, Shkreli has been setenced to 7 years in prison.

No one with financial power in America goes to prison.

A spokesman for the prosecutors declined to comment, but according to Reuters, a lawyer for Shkreli, Benjamin Brafman, said in an email that he was "disappointed by the ruling but still hopeful that the court will find it in her heart to impose a reasonably lenient sentence". Maybe the prison has a DIY papyrus class.

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