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'Pharma Bro' Martin Shkreli tearfully begs for 'your honor's mercy' at sentencing

11 March 2018

A NY court sentenced former drug company chief Martin Shkreli to seven years in prison over a fraud case on Friday.

Martin Shkreli was sentenced Friday in Brooklyn's U.S. District Court for misleading investors about details and financial performance for two hedge funds that he managed.

Shkreli was today sentenced to seven years in prison for defrauding investors and was fined $75,000. "Not the government. There is no conspiracy to take down Martin Shkreli". This is my fault.

"There is so much more I want to do, and I will do it, the right way", Shkreli said, while starting to break into tears.

Before Matsumoto issued the sentence, Shkreli gave a tearful plea for leniency.

Appearing before court on Friday, Shkreli tearfully apologized to the investors.

Shkreli's lawyers had argued for a far more lenient sentence of 12 to 18 months.

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Shkreli, who was already ordered to forfeit $7.36 million, was fined $75,000 and received credit for the almost six months he has spent behind bars.

Shkreli has been in jail since September, when Matsumoto revoked his bail after he offered his social media followers $5,000 if they could bring him a hair from former U.S. presidential candidate Hillary Clinton.

Prosecutors told the judge not to believe him. He was convicted of securities fraud past year for defrauding investors in two failed hedge funds.

Ahead of sentencing, Shkreli's attorney told the judge there were times he wanted to punch his client in the face.

Shkreli wasn't being tried for price-gouging sick people on drugs or being a generally irredeemable garbage person, he was being tried for fraud and - forgive us this moment of clarity - we've seen waaaay worse in that department. "He dropped $2 million on the sole copy of the Wu-Tang Clan album 'Once Upon a Time in Shaolin", which the judge has included in his assets. "Not once does Shkreli acknowledge that he lied to investors and committed fraud", prosecutors said.

"I want the people who came here today to support me to understand one thing, the only person to blame for me being here today is me", he said. She cited his bragging after the verdict that he would be sentenced to time served. After buying the rights to Daraprim, Shkreli increased the price of the drug by over 55 times, - a single pill rose from $13.50 to $750.

"There is not a shred of credible evidence in this case, nor did the jury find, that Martin was motivated by greed or by causing financial injury to his investors in connection with the three counts of conviction for securities fraud".

'Pharma Bro' Martin Shkreli tearfully begs for 'your honor's mercy' at sentencing