Martin Shkreli, the notorious "Pharma Bro" vilified for jacking up the price of a drug in a high profile price gouging scandal, was sentenced to seven years in prison today for defrauding investors in two failed hedge funds.
Shkreli broke down in tears as he made a final plea and cried to U.S. District Judge Kiyo Matsumoto, admitting he'd made many mistakes.
A federal judge yesterday revoked the $5 million bail of Martin Shkreli, the former pharmaceutical CEO who found public notoriety as the “Pharma Bro” after a price gouging scandal, because he had offered $5,000 for a strand of Hillary Clinton’s hair with a follicle while she's on a book tour. Shkreli had been awaiting sentencing after he was found guilty in August of conspiracy to commit securities fraud and two counts of securities fraud for misleading investors.
“On HRC’s book tour, try to grab a hair from her,” he wrote, referring to Clinton. “Will pay $5,000 per hair obtained from Hillary Clinton," he continued, noting that he wanted to compare Clinton's DNA to a sample he already had.
Martin Shkreli, the former pharmaceutical CEO who found public notoriety as the “Pharma Bro” after a price gouging scandal, was convicted earlier today on three of eight counts he had faced, which had included securities fraud and conspiracy to commit both securities fraud and wire fraud. A jury found him guilty of conspiracy to commit securities fraud, and two counts of securities fraud. He now faces 20 years in prison.
“We’re delighted in many ways,” Shkreli said, adding that he was glad to have evaded most of the more serious charges. “This was a witch hunt of epic proportions. They may have found some broomsticks.”
In September 2015, Martin Shkreli, the hedge fund manager and CEO of Turing Pharmaceuticals, caused widespread outrage when he obtained the manufacturing license for a drug known as Daraprim and raised its price 5,000 percent, from $13.50 to $750 per tablet. Daraprim, a generic drug known as pyrimethamine that is on the World Health Organization’s list of essential medicines, was originally created 62 years ago as an antimalarial medication, but has since been found to be effective in treating infections caused by toxoplasmosis, especially in people with HIV and cancer patients undergoing chemotherapy treatment. Shkreli’s audacious move underscored the potential for price-gouging by pharmaceutical companies.
Much-reviled pharma-CEO, Martin Shkreli, has been ousted from his position as chief executive of Turing Pharmaceuticals, according to the New York Times. A Turing spokesperson acknowledged Shkreli’s resignation following his arrest, after being charged with securities fraud and conspiracy.