Notorious 'Pharma Bro' Martin Shkreli Sentenced to 7 Years in Prison
Martin Shkreli became notorious for raising the price of a life-saving medicine by 5,000 percent and was dubbed the 'Pharma Bro.' Then, it turned out that he misled investors on one of his funds, which resulted in his conviction of federal fraud charges.
Even though his lawyer pushed for a prison sentence of 18 months or less, the judge wasn't swayed. Instead, the 'Pharma Bro' has been sentenced to 7 years in prison. Although Shkreli didn't take the sentence well, he was facing up to 20 years in prison for being convicted of securities fraud, so it's not as bad as it could've been for him.
Living Up to the "Pharma Bro" Name
Shkreli was never apologetic for raising the price of a previously inexpensive HIV drug, and he appeared to be unfazed by the criminal case against him. Some of his actions after being arrested in December 2015 included taunting prosecutors and harassing a female journalist, which got him kicked off of Twitter. During a hearing conducted by Congress for his drug price hike, the 'Pharma Bro' invoked his Fifth Amendment right to not incriminate himself. This, of course, was his right; but, later tweeting that the lawmakers were "imbeciles" was another example of his smugness.
His cockiness was also apparent even when facing criminal charges, confidently predicting that he'd avoid jail time. But, after joking about offering a bounty to anyone who could obtain a lock of Hillary Clinton's hair, the judge revoked his bail.
Not So Cocky Now
The "Pharma Bro" no longer seemed cocky during sentencing. Instead, Shkreli was humble as he apologized to investors and admitted that he made many mistakes. He announced in court that that he only had himself to blame for being in his current situation. Although Shkreli was disliked by many for his drug price hike and various online antics, the judge wanted to make it clear that those things had no bearing on his sentencing. In addition to the 7 year prison sentence, he was also fined $75,000.
- Find Criminal Defense Lawyers Near You (FindLaw's Lawyer Directory)
- 'Pharma Bro' Martin Shkreli cries in court, is sentenced to 7 years for securities fraud (Associated Press)
- Fraud and Financial Crimes (FindLaw's Learn About the Law)
- 3 Common Types of Tax Fraud (FindLaw's Blotter)
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