'Pharma bro' Martin Shkreli jailed for seven years

'Pharma bro' Martin Shkreli jailed for seven years

'Pharma bro' Martin Shkreli jailed for seven years

He was convicted previous year of lying to investors in his hedge funds and manipulating shares a biotech company he founded.

Martin Shkreli, centre, with his lawyers outside federal court in NY in August.

"I'm not the same person I was". "I know right from wrong".

"I grew up on the mean streets of Brooklyn".

"I am terribly sorry I lost your trust", he added.

His lawyer, Benjamin Brafman, argued against a lengthy sentence saying the prosecution had painted "a dark picture" of Shkreli.

Assistant U.S. 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.

Reporters for Vice, Bloomberg, and WCBS reported Shkreli's remorse for his many, many actions that have led to one of the biggest examples of schadenfreude we've seen in quite some time. "This is a good judge who I think spent a great deal of time trying to examine the facts and all of the letters that were written on behalf of Mr. Shkreli and she made her decision and we all have to live with it".

In the two years since Federal Bureau of Investigation agents ushered him from his Manhattan apartment, Shkreli has gone from a rising star in the hedge fund world to Wall Street bad boy.

His actions prompted a rebuke from Hillary Clinton, then running for U.S. president, who said she would crack down on drug pricing if elected - a pledge that wiped tens of billions of dollars from the value of biotech stocks.

Summing up they called him a "dangerous" man who had failed to show contrition, mocked the justice system and needed to be stopped.

He has been ordered to pay $7.36m (£5.3m) in forfeiture, and was handed a further $75,000 fine on Friday. The judge said the property would not be seized until Shkreli had a chance to appeal. But Shkreli staunchly defended the price in his statements to the media and on his once vibrant Twitter account, cultivating a "pharma bro" persona that was brash and outspoken.

Judge Matsumoto read letters from Shkreli's family and supporters who rallied on his behalf. One woman described how she became an avid follower of Shkreli's social media commentary about science, the pharmaceutical industry, but mostly, about himself. She said it was clear he is a "tremendously gifted individual who has the capacity for kindness".

"It's hard to claim victory when someone like Martin Shkreli goes to jail", Brafman said. He said Shkreli suffered from depression and an anxiety disorder and was a "somewhat broken" person, whom the government wanted to "throw away".

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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