Economy

'Most hated man' jailed 7 years for defrauding investors

'Most hated man' jailed 7 years for defrauding investors

Former drug company executive Martin Shkreli, who became widely known as "Pharma Bro" and was once dubbed the "most hated man in America," has been sentenced to 7 years in prison for defrauding investors.

The average prison sentence for those convicted of securities and investment fraud in fiscal 2016, the most recent year available, was four years, according to the U.S.

Martin Shkreli's long-running legal saga has finally come to an end after the so-called "Pharma Bro" was sentenced to seven years in prison.

"I've got my begging voice on", Brafman said, as he described Shkreli as a complicated person and asked for leniency on his behalf. This is my fault.

Shkreli, 34, remained hunched over and expressionless when the sentence was announced.

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

That includes Shkreli's E-Trade account reportedly worth $5 million, his stake in Vyera Pharmaceuticals, a copy of Lil Wayne's as yet unreleased album Tha Carter V, an Enigma decoding machine from World War II, and an original painting by Pablo Picasso.

Things abruptly changed, though, last fall after he jokingly offered his online followers a 5,000 dollar bounty to anyone who could get a lock of Hillary Clinton's hair. And it wasn't a great sign for Shkreli when his own lawyer said in court that there were times he wanted to punch Shkreli directly in the face.

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However, the judge was apparently as unmoved as... well, Shkreli himself, back when he was quizzed about his drug price-gouging tactics before Congress.

Assistant US attorney Jacquelyn Kasulis had said a 15-year sentence was justified in part because Shkreli's crimes were not an "isolated lapse in judgment", but a pattern of conduct including separate frauds for his two hedge funds and for his drug company Retrophin Inc. The Brooklyn native's sentence comes after Shkreli was found guilty last August of lying to investors in business dealings from two failed hedge funds that cheated them out of millions.

"The only person to blame for me being here is me", he said.

Earlier this week, Shkreli was ordered to hand over $US7.36 million ($9.4 million) in assets, including the one-of-a-kind Wu-Tang record that he purchased for $US2 million ($2.6 million), Once Upon a Time in Shaolin.

The time Shkreli spent in prison will be credited to his seven-year sentence.

Before issuing her sentence, the judge noted how Shkreli had an abusive father and panic attacks. "Not once does Shkreli acknowledge that he lied to investors and committed fraud", prosecutors said.

The former pharma boss wept in the NY courtroom as he begged the judge not to sentence him to years in prison.

Shkreli never seemed prepared for his fate, at first predicting he would be acquitted and then insisting that his punishment would be "close to nil".


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