Post a Comment Print Share on Facebook

The King of drugs, sentenced to seven years in prison for fraud

Martin Shkreli conned investors to enrich themselves with the funds of a biotechnology company

- 22 reads.

The King of drugs, sentenced to seven years in prison for fraud

Martin Shkreli, known on Wall Street as "Pharma Bro," was sentenced to seven years in prison for ripping off investors and using funds of one of biotech companies he founded for his own benefit. The 34-year-old entrepreneur became famous among public after Democrat Hillary Clinton set an example in full election campaign on drug price excesses.

A popular jury already considered in August Shkreli guilty of three criminal charges for diverting money from one of its companies to pay investors two hedge funds that ended up falling. He was facing eight counts. The deliberations of jury that followed process lasted five days. The prosecution requested that 15 years ' imprisonment be imposed, when maximum sentence was 20 years. The defense looked for a year.

Judge Kiyo Matsumoto said in justifying sentence that " offenses were extremely serious" and recalled that Shkreli deceived investors about size of funds and ir experience. He noted that he created reports that offered false information about value of investments he was entrusted with. "I was asking for investments based on lies," he reiterated, making it clear that case has nothing to do with price of treatments, "that is something that Congress must deal with."

Price gouging like this in specialty drug market is outrageous. Tomorrow I'll lay out a plan to take it on. -H

— Hillary Clinton (@HillaryClinton) September 21, 2015

Shkreli, also known as most hated man in United States, has been in prison since September, after offering $5, 000 to any that got him a lock of Clinton's hair. The former first lady of United States was n promoting her book on defeat against Donald Trump. Judge Matsumoto considered it a threat and refore revoked parole because it posed a risk to community.

During hearing in which he was to be sentenced, his lawyer Benjamin Frafman tried to lower his sentence by arguing that his client had spent six months in equivalent of a maximum-security prison. "Are you asking Me to reconsider decision to imprison him?" replied judge. The prosecution added that defense did not seem to understand why Martin Shkreli was re and that he was not a child to know what he was doing.

Although Shkreli said that prosecution presented categorically false things during process, he admitted before hearing sentence that sank him just because he wanted to be a successful businessman and explained that time he was deprived of freedom learned to Differentiate between good and bad. His purpose when he gets out of jail will be to help prisoners rehabilitate. "Please," he implored, "give me a chance to prove what I am capable of."


You have to login for comment. If you are not a member? Register now.

Login Sign Up