"Pharma Bro" Martin Shkreli has been sentenced to 7 years in prison

  • Posted 1 month Ago

Not only has he had $7.4m of assets seized, including a Picasso and the world's only copy of the Wu-Tang Clan's latest album, but now "pharma bro" Martin Shkreli has been sentenced to 7 years in prison after being convicted of fraud.

He was found guilty on three of eight counts of fraud, with the jury concluding he had concealed huge losses from two hedge funds he ran, defrauded investors, and secretly controlled a huge number of Retrophin shares.

Mr. Shkreli first made headlines back in 2015 when he decided to hike the price of a Daraprim, a lifesaving drug used by some AIDS patients, by more than 5000%, changing the price from $13.50 to $750 per pill overnight. The move was heavily criticised, with Hillary Clinton calling it "outrageous". Since then he's caught the attention of the public eye for a number of different reasons, including buying the only copy of the Wu-Tang Clan's Once Upon a Time in Shaolin for a reported $2 million and offering his Facebook followers $5,000 to grab a strand of Hillary Clinton's hair during her book tour.

While weeping at the hearing, an uncharacteristically apologetic Shkreli said: "I was never motivated by money […] I wanted to grow my stature and my reputation. I am here because of my gross, stupid and negligent mistakes I made."

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