CLASSIFIEDS ONLY THB 2,500 + VAT FOR 3 LANGUAGES The Phuket News Kata Rocks The Phuket News
The Phuket News World News
The Phuket News Phuket | Thailand | World | Business | Q&A | Weird World XML, RSS, Feed
The Phuket News The Phuket News
The Phuket News

‘Most hated man’ gets seven years in jail for defrauding investors

UNITED STATES: Martin Shkreli, once dubbed the most hated man in America for ratcheting up the price of an HIV drug, was sentenced to seven years in prison yesterday (Mar 9) on charges of defrauding investors.

crime, drugs, health,


AFP

Saturday 10 March 2018, 02:34PM


Pharmaceutical executive and hedge fund manager Martin Shkreli was sentenced to seven years prison for defrauding investors. Photo: AFP
Pharmaceutical executive and hedge fund manager Martin Shkreli was sentenced to seven years prison for defrauding investors. Photo: AFP

The disgraced former pharmaceutical executive and hedge fund manager was convicted in August last year of conspiracy to commit securities fraud and two counts of securities fraud.

Shkreli, who once led Turing Pharmaceuticals, became known as “Pharma Bro” and is infamous for suddenly raising the price of the drug Daraprim in 2015 by 5,000% – from US$13.50 (B422) a pill to $750 (B23,483).

He smirked through a congressional hearing that scrutinised his actions and has since earned a reputation for an extravagant, self-publicising lifestyle.

Although the drug controversy had nothing to do with his trial before a federal court in New York, so great was the 34-year-old’s notoriety that it was initially difficult to find an impartial jury for the trial.

Arrested in December 2015, his bail was revoked in September after he offered a reward for anyone who would grab a strand of former presidential candidate Hillary Clinton’s hair.

Shkreli insisted it was a joke.

His high-profile lawyer, Ben Brafman, described Shkreli as a mildly autistic, self-taught genius and asked US District Judge Kiyo Matsumoto to limit the prison sentence to a maximum of 18 months.

But even Brafman acknowledged “there are times when I want to punch him in the face” because his client’s behaviour complicated the defence, according to reporters who were in the courtroom.

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

“He wants everyone to believe he is a genius, a whiz kid, a self-taught biotech wonder,” said prosecutor Jacquelyn Kasulis.

“He can’t be just an average person who fails, like the rest of us.”

World Cup League @ BISP

In a letter sent last week to the judge, Shkreli pleaded for leniency and for the first time admitted he had erred.

“I made serious mistakes but I still believe that I am a good person with much potential. I was a fool,” he said, expressing a wish to work “for the betterment of humanity”.

With a choking voice, he reiterated in court his remorse at the “shameful actions” that led to his downfall.

On top of six months of good behaviour already spent behind bars, and after charity donations he made before his arrest, the repentance helped to lower his sentence far below what the prosecution requested.

Last Monday (Mar5), Matsumoto ordered Shkreli to pay back $7.36 million (B230.44mn) to federal authorities, an amount they can recover by seizing his assets.

These include a Picasso painting and his unique copy of an album by rappers Wu-Tang Clan.

In 2015, he purchased for US$2mn (B62.62mn) the sole edition of the ensemble’s “Once Upon a Time in Shaolin”, which he put up for sale on eBay in September – while also threatening to “break this album in frustration”.

The winning bid was a little more than US$1mn (B31.31mn) but by then Shkreli was already in jail after his bail revocation, throwing the deal in doubt.

Shkreli had been convicted of securities fraud and conspiracy a month earlier.

The jury, however, cleared him of more than half the charges for allegedly stealing US$11mn (B344.24mn) in stock from his first pharmaceutical company Retrophin to pay off investors who lost money in two of his hedge funds.

The verdict left Brafman suggesting that Shkreli might even avoid jail time.

 

 

The Phuket News
The Phuket News
Comment on this story
* Please login to comment. If you do not have an account please register below by simply entering a username, password and email address. You can still leave your comment below at the same time.
Comments Here:

Comments Left: Characters
Username:
Password:
E-mail: (No Hotmail, Live, MSN and Outlook accepted at this time)
Security:
   => Forget password?

Island Man | 11 March 2018 - 07:55:11

Sounds like a perfect candidate for Trump's cabinet.

The Phuket News
Matches 1 result(s)
The Phuket News
The Phuket News
The Phuket News
The Phuket News The Phuket News The Phuket News
The Phuket News
Share this
The Phuket News
Have a news tip-off? Click here
The Phuket News
Related stories
The Phuket News
Phuket community

Recent Comments


Emerald Group CEO Sawit Ketroj seeks to reassure Phuket public, investors

Neither sad nor bitter,it's more like being very amused when reading something like:"The reason i rent is because these people can't sell...(Read More)


Dead or alive, search for whale shark continues off Phuket

As I said this is what Thai fishing boats do, they destroy all marine life caught in their long line nets, zero regulation/ sustainability, authoritie...(Read More)


Dead or alive, search for whale shark continues off Phuket

So.. we can "expect the penalty against him to be very serious"...like, somewhere along the lines of Premchai the jaguar killer and soup mak...(Read More)


Dead or alive, search for whale shark continues off Phuket

5 more days searching. Who is paying for that? The owner or the Captain of the fishing boat? On top of a 100,000 thb fine or so? Must be more, as russ...(Read More)


Emerald Group CEO Sawit Ketroj seeks to reassure Phuket public, investors

DKP- you really are a sad and bitter person aren't you!The reason I rent is because these people CAN'T sell their properties and have to rent ...(Read More)


Dead or alive, search for whale shark continues off Phuket

A dead shark fall deep on bottom of the sea because it has not a swim bladder with air but use its fins to go up and down; So, the whale shark is on t...(Read More)


Public rallies banned for coup anniversary

Why is a unelected army Junta afraid of democratic peoples movements calling for democracy? Up to 3520 police officers to protect the few Junta Gener...(Read More)


Phuket Opinion: Make them pay for plastic

You can't impose fines, because there is never anyone available to enforce anything. You have to sting them right at the point of purchase, and it...(Read More)


Phuket Governor orders public vote on marina project amid concerns over coral damage

Based on my experience after seeing many controversial projects, the main selling of a project is done by wealthy interests with no interest other tha...(Read More)


Phuket Opinion: Make them pay for plastic

In developed countries, there is usually a charge of some kind for plastic. The money generated is then used to clean things up and process the trash...(Read More)

The Phuket News
PHUKET NEWS
Phuket
Thailand
World
Business
Q A
Weird World
ARCHIVE
POLL
CURRENCY
WEATHER
PHUKET TIDE TABLE
The Phuket News PHUKET LIFE
Phuket Arts
Phuket Community
Phuket Culture
Phuket Dining
Phuket Education
Phuket Entertainment
Phuket Environment
Phuket Health
Phuket People
Phuket Technology
Phuket Travel
World Entertainment
Photo Galleries
The Phuket News PHUKET SPORT
Phuket
Thailand
World
SURF REPORT
PREDICTIONS
The Phuket News PHUKET CLASSIFIEDS
Phuket Buy and Sell
Phuket Jobs
Phuket Property
Phuket Cars and Boats
Phuket Community
Phuket Services
SEARCH CLASSIFIEDS
POST CLASSIFIED
The Phuket News The Phuket News PHUKET EVENTS
Phuket Event listings
Phuket Event calendar
Buy Tickets
POST EVENT
The Phuket News PHUKET DIRECTORY
Phuket Bars, pubs and clubs
Phuket Hotels and villas
Phuket Restaurants
Phuket Yellow Pages
POST LISTING
The Phuket News BARGAINS
The Phuket News ABOUT US
The Company
Distribution points
Subscribe
Advertise with us
Pay for advert
Contact us
CONTESTS
Content Google Map
Site map
Australian Visa Services
 
Currency - The Phuket News   Weather Report - The Phuket News   Surf Report - The Phuket News
LinkedIn - The Phuket News   Twitter - The Phuket News   YouTube - The Phuket News   Facebook - The Phuket News
Copyright © 2018 Class Act Media. All rights reserved. | Website usage terms and conditions | Privacy and Confidentiality Statement.