Martin Shkreli sentenced to 7 years in prison for securities fraud

Martin Shkreli Ordered To Forfeit $7.36M In Assets, Including His Famous $2M Wu-Tang Album

Martin Shkreli the 'Pharma Bro' jailed for seven years

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.

The judge, Kiyo Matsumoto, said her decision did not have to do with Shkreli's reputation, track record with drug pricing, or politics. Additionally, Shkreli was convicted of securities fraud conspiracy for a scheme to try to control his company's share price.

At his trial a year ago, Shkreli often wore a smirk and was chastised by the judge for his behavior, including for an incident in which he told reporters that the prosecutors on the case were "junior varsity". "But Martin's fine and he will be fine", he said.

But the case had nothing to do with Daraprim, a drug used to treat infections in people with HIV/AIDS.

They said he deserved a stiffer sentence not because he is "the most hated man in America", but because he is a criminal convicted of serious fraud.

Shkreli's notoriety grew as he ridiculed prosecutors, launched biting Twitter attacks on a female journalist and boasted about his wealth. In Rushe's article he speaks with John Coffee of Columbia law school who likens the Shkreli case to one against a hedge fund manager, Raj Rajaratnam, which ended in a conviction of 11 years being handed out.

Within a few weeks of his conviction, the judge revoked his bail and sent him to jail after he fired off a Facebook post offering a $5,000 reward for a lock of Hillary Clinton's hair.

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A spokesman for the prosecutors declined to comment, but according to Reuters, a lawyer for Shkreli, Benjamin Brafman, said in an email that he was "disappointed by the ruling but still hopeful that the court will find it in her heart to impose a reasonably lenient sentence".

"Mr. Shkreli is not a child", federal prosecutor Jacquelyn Kasulis said. "He can't just be an average person who fails, like the rest of us.He needs to be mythical; he needs to be larger than life".

With today's sentencing, Shkreli is headed back to jail.

"He shouldn't be sentenced simply for being Martin Shkreli", Brafman said.

Shkreli's lawyer said he sometimes wants to hug his client and sometimes wants to punch him in the face, but he told a federal judge at his sentencing hearing Friday that his outspokenness shouldn't be held against him.

In a tearful statement in court Friday, Shkreli apologized, saying he was never motivated by money. His assets include a Picasso painting, $5 million in a personal trading account, and a one-of-a-kind Wu-Tang Clan album, as well as an unreleased Lil Wayne album.

"I am here because of my gross, stupid and negligent mistakes I made".

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