Lawyer: Shkreli outspokenness shouldn't hurt him

Lawyer: Shkreli outspokenness shouldn't hurt him

Lawyer: Shkreli outspokenness shouldn't hurt him

Lawyers for the federal government had asked for a sentence of 15 years in jail. Prosecutors recommended 15 years.

Attorney Benjamin Brafman (C) speaks to media after a sentence for his client, former drug company executive Martin Shkreli, at the U.S. District Court for the Eastern District of New York in Brooklyn, New York on March 9, 2018.

At the hearing, Shkreli choked up as he said he had learned from his mistakes.

Court filings show that nobody was impressed with Shkreli's show of remorse.

"This is my fault", he said. Prosecutors said that starting in 2009 Shkreli defrauded hedge fund investors, lying to them about losses, and used Retrophin as his "personal piggy bank", siphoning millions of dollars' worth of assets from the company to cover those losses. "You deserve far better", he told investors.

"There's no conspiracy to take down Martin Shkreli", the former Turing Pharmaceuticals CEO said in court, while wearing a jail jumpsuit. "I took down Martin Shkreli, with my shameful and disgraceful actions". There was a satirical musical about him, "Pharma Bro: An American Douchical!" He said he deserved a sentence of 18 months or less because the investors got their money back and more from stock he gave them in a successful drug company. The agency found nothing amiss.

The former drug company executive - dubbed "Pharma Bro" and vilified for increasing the prices of a life-saving drug - was also fined $75,000 (€61,000) by a court in NY. I was across the street from 9/11; I've built businesses from zero to hero, many times over.

The FBI arrested Shkreli in 2015 on multiple fraud-related charges.

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Still, Shkreli leaves a long trail of bad karma and angry people - including his own lawyer - in his wake that aren't sad to see him to go to prison for fraud.

Shkreli first rose to public infamy after notoriously gouging the price of a life-saving HIV medication by 5,000 percent.

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.

He reportedly plans to appeal the sentencing decision. During the trial, his defense team had argued that many of his investors made hefty profits anyway.

During the 2016 presidential election campaign, Donald Trump attacked Shkreli by lambasting him as a "spoiled brat". "I was a fool".

Matsumoto revoked Shkreli's bail in September, sending him to a Brooklyn jailhouse where he's been ever since.

During his fraud trial, Matsumoto heard testimony from Shkreli's friends and family, asking for leniency, and Shkreli also told the judge that he was not motivated by money but by wanting to "grow my stature and my reputation". Last week, Matsumoto ordered that Shkreli pay $7.36 million-an amount equal to what he made from his fraud.

He'll get credit for time served toward his overall sentence.

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