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Pharma Bro Martin Shkreli Has Been Sentenced To Seven Years In Prison
11 March 2018, 01:09 | Vickie Mathis
Martin Shkreli Ordered To Forfeit $7.36M In Assets, Including His Famous $2M Wu-Tang Album
On Friday, Shkreli's unique journey from a hedge fund rising star to Wall St bad boy took its most serious turn yet. Shkreli had not defrauded vulnerable people or spent their money on luxury homes or cars, he said.
"He can't be just an average person who fails, like the rest of us".
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.
Shkreli began working on Wall Street at age 17 before establishing his own hedge fund at age 23.
Shkreli's defence attorneys disputed all of the charges and attempted to sway the jury with a simple rebuttal: his investors were wealthy and sophisticated and he ultimately made them richer. He quickly became known for his troll-ish antics, including his penchant for live-streaming sessions and the purchase of an ultra-rare Wu-Tang Clan album (which he was recently forced to forfeit, along with $7.3 million in a brokerage account).
Shkreli was born in Brooklyn to parents of Albanian and Croatian descent, who moved to USA from Montenegro. "I didn't agree with the eBay thing, but when I read his paragraph on why he did it, I kind of respected and understood what he said". "I think it is hard to claim victory when someone like Martin Shkreli is going to jail".
Shkreli has been in jail since September, when Matsumoto revoked his bail after he offered his social media followers $5,000 if they could bring him a hair from former U.S. presidential candidate Hillary Clinton. The drug is used to treat a strain of pneumonia for people with weakened immune systems, including HIV patients.
He reportedly plans to appeal the sentencing decision.
At his sentencing hearing, Shkreli apparently, and rather uncharacteristically, expressed contrition and shed enough tears that the judge called for the court officer to bring the defendant a box of tissues.
Shkreli's fraud predated the price gouging controversy and this trial would have gone largely unnoticed but for his status as an worldwide pariah.
Shkreli's high-profile legal saga is also not yet over.
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