The Phuket News Premier League predictions 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,


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Arrested in December 2015, his bail was revoked in September after he offered a reward for anyone who would grab a strand of former presidential candidate Hillary Clinton’s hair.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

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
E-mail: (No Hotmail, Live, MSN and Outlook accepted at this time)
   => 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

Phuket Gov discusses protocol with chiefs of 22 transferred police

Great words from the Governor. The Police here have a shocking reputation for corruption which will take a long time to change. It’s never too late ...(Read More)

Phuket Gov discusses protocol with chiefs of 22 transferred police

Wow, Chalong Police station gets now 2 new high ranking investigators! Can we now expect that the 'Free State Patak Road bar Scene' has to co...(Read More)

Phuket’s Soi Dog speaks out on rabies: Genuine outbreak or misinformed panic?

Well said. I'm disgusted with the hyperbole surrounding this non issue (rabies deaths are at their lowest in actual FACT), to boost yet another mu...(Read More)

Official probed over embezzled B88mn

A assistant of a secretary. Mhh. Great position! You just have to know/discipline yourself to know when to stop if you not a high level influential ...(Read More)

Lao drug kingpin Xaysana gets life imprisonment

Using his faulty crystal ball again....(Read More)

Phuket Governor visits Chinese tourist survivors of horrific minivan crash

"I see black fuming busses...with registration plates year 1987,1988"What an absolute rubbish again.Someone knows nothing but spills his jib...(Read More)

Phuket Governor visits Chinese tourist survivors of horrific minivan crash

Another disgusting photo Op, complete with the "concerned" officials and their cheapo goody basket...all well posed for the cameras. I don&#...(Read More)

Phuket Governor visits Chinese tourist survivors of horrific minivan crash

What measures is the Governor going to take to 'solve the problem? Don't come up with hollow press phrases about a decades long existing, oft...(Read More)

Alcohol ban in Phuket this weekend for local election day

Re."K...for headman..." This would lead to the greatest exodus ever on Phuket!...(Read More)

Lao drug kingpin Xaysana gets life imprisonment

A drug lord is sentenced to life imprisonment and our expert for facial expressions comes up goose stepping again with a total baseless statement tha...(Read More)

The Phuket News
Weird World
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 Buy and Sell
Phuket Jobs
Phuket Property
Phuket Cars and Boats
Phuket Community
Phuket Services
The Phuket News The Phuket News PHUKET EVENTS
Phuket Event listings
Phuket Event calendar
Buy Tickets
Phuket Bars, pubs and clubs
Phuket Hotels and villas
Phuket Restaurants
Phuket Yellow Pages
The Phuket News BARGAINS
The Phuket News ABOUT US
The Company
Distribution points
Advertise with us
Pay for advert
Contact us
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.