'Pharma Bro' Shkreli Sentenced to Seven Years for Defrauding Investors

'Pharma Bro' Shkreli Sentenced to Seven Years for Defrauding Investors

"This is a good judge who I think spent a great deal of time trying to examine the facts and all of the letters that were written on behalf of Mr. Shkreli and she made her decision and we all have to live with it". "The affable, amusing guy I knew", Guttman wrote, "slowly gave way to his public persona". "I know what it means to tell the truth and what it means to lie", he said before apologizing to his investors.

"I'm one of the richest New Yorkers there is, and after today's outcome, it's going to stay that way", he said.

"There's no conspiracy to take down Martin Shkreli", the former Turing Pharmaceuticals CEO said in court, while wearing a jail jumpsuit. "I took down Martin Shkreli".

He was reportedly in tears when he admitted to U.S. District Judge Kiyo Matsumoto and to the investors he misled that he was "terribly sorry". He was also fined $75,000.

He was convicted past year of lying to investors in his hedge funds and manipulating shares a biotech company he founded. He says his client has made his job more hard by his online outbursts, but he shouldn't be punished for that.

Judge Matsumoto took the opportunity to further humble Shkreli by reminding him of his cockier moments, like when he publicly boasted that he wouldn't spend a day in jail and the time he wrote "fuck the feds" in an email.

"This case is not about Mr Shkreli's self-cultivated public persona ... nor his controversial statements about politics or culture", the judge said, calling his crimes "serious".

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

Shkreli famously used the earnings from his various business ventures to purchase collectables such as an original Enigma machine and a $2m one-off recording of a Wu-Tang Clan album. "At its core, this case is about Shkreli's deception of people who trusted him", the prosecutors wrote in their sentencing memo.

"I'm old enough to be his father.There are times I want to hug him and hold him, times I want to punch him in the face for some of the things he said".

Assistant U.S. Attorney Jacquelyn Kasulis countered that Shkreli, 34, is "not a child". "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".

Shkreli became notorious for raising the price of a life-saving drug by 5,000 percent and trolling critics online.

Shkreli insisted it was a joke. After the hearing, he tweeted that the lawmakers were "imbeciles".

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.

The news sparked a national debate about United States drug prices and Shkreli managed the unlikely feat of uniting Hillary Clinton and Donald Trump in condemning his actions.

Related news: