Martin Shkreli

Robert Deutsch-USA TODAY

‘Pharma Bro’ Martin Shkreli Sentenced To 7 Years In Prison For Securities Fraud

March 09, 2018 - 2:01 pm
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NEW YORK (1010 WINS) -- Known as the so-called 'Pharma Bro,' Martin Shkreli the former CEO notorious for jacking up the price of a drug by 5,000 percent was sentenced to 7 years in prison Friday for securities fraud.

He was sentenced by U.S. District Judge Kiyo Matsumoto after he was convicted last year of lying to investors in two failed hedge funds.

Shkreli sobbed as he spoke to the judge, 1010 WINS' Juliet Papa reported.

The judge took an hour to read the sentence and spoke about the "two sides" of Shkreli and the sentence was much less than the 20 years he could have gotten, Papa reported.

He will have six months taken off the sentence for time served.

Shkreli raised the price of a lifesaving drug from $13.50 to $750 a tablet, and then said he should have raised it further still.

"Healthcare prices are inelastic," he said.

When called before Congress, Shkreli refused to answer questions.

"On the advice of counsel I invoke my fifth amendment privilege," he said.

After paying $2-million for a rare Wu Tang album, Shkreli was challenged by Ghostface Killah, a founding member.

"You must be on Ritalin or something," he said.

Shkreli fired back.

"You're an old man that's lost his relevance and you're trying to reclaim the spotlight from my spotlight," he said.

Shkreli has been behind bars since September when a judge revoked his bail after he offered a $5,000 bounty for a strand of Hillary Clinton's hair. He's been ordered to forfeit more than $7-million in assets.

Prosecutors wanted him sent to prison for at least 15 years.

Shkreli's defense asked for no more than 18 months along with court-ordered therapy. His attorney told the court that sometimes he wants to hug his client, and other times wants to punch him in the face, but added that his client's outspokenness shouldn't be held against him.

For his part, Shkreli said he alone was to blame and said he hopes to make amends and learn from his mistakes.

"I'm not the same person I was. I know right from wrong. I know what it means to tell the truth, and what it means to lie," he said.

The prosecution argued that Shkreli has shown no remorse, and deserves the longer prison term.