Tearful 'Pharma Bro' Martin Shkreli sentenced to seven years for fraud

Martin Shkreli has been sentenced to seven years in prison for defrauding investors in two botched hedge funds.

According to the Daily News, Shkreli was crying before his sentence was given out.

Shkreli was found guilty of securities fraud on August 4 and faced a maximum sentence of 20 years in prison, but legal experts had already predicted that he would serve significantly less, in part because none of the investors had lost any money.

"I made serious mistakes but I still believe that I am a good person with much potential". This is my fault.

"I also want to make clear that Mr. Shkreli is not a child", Ms Kasulis said.

Well, now it seems he's finally getting his comeuppance - and feeling the burn, too, having been seen breaking down into tears as the judge handed him his seven-year prison sentence this afternoon.

The trial had its freakish turns - Shkreli once ambled into a press room to trash the case, and a gay investor testified that perhaps Shkreli talked of male trysts so he could ingratiate himself with the well-heeled man.

Federal prosecutors sought a sentence of at least 15 years. In September a year ago, he took to social media to offer $5,000 for a strand of former presidential candidate Hillary Clinton's hair, a statement Matsumoto saw as a threat and ordered Shkreli to be placed in jail until he was sentenced.

The former CEO of Turing Pharmaceuticals has been in gaol since September, when Judge Matsumoto revoked Shrkeli's bail for offering a $US5000 ($6414) bounty for some of Hillary Clinton's hair on Facebook.

Attorney Ben Brafman told Mr Matsumoto he sometimes wants to hug Shkreli and sometimes wants to punch him in the face, but said his outspokenness should not be held against him. At every opportunity, Shkreli revealed himself to be a not-fully socialized almost-human who retreated reflexively into an emotional armor of bullying prickishness that made him utterly unworthy of sympathy.

Will this be the last we hear of Shkreli?

ABC News reports that Shkreli begged the judge for "mercy" during the sentencing.

The current case was not related to this, Judge Matsumoto reiterated before passing sentence on Friday.

"The only person to blame for me being here is me", Shkreli is reported to have said.

Judge Matsumoto has already ordered Shkreli to forfeit almost 7.4 million dollars to the federal government. After buying the rights to Daraprim, Shkreli increased the price of the drug by over 55 times, - a single pill rose from $13.50 to $750.

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

  • Anthony Vega