Martin Shkreli cries in court, is sentenced to 7 years for securities fraud

Recent Cases

The smirk wiped from his face, a crying Martin Shkreli was sentenced to seven years in prison for securities fraud Friday in a hard fall for the pharmaceutical-industry bad boy vilified for jacking up the price of a lifesaving drug.

Shkreli, the boyish-looking, 34-year-old entrepreneur dubbed the "Pharma Bro" for his loutish behavior, was handed his punishment after a hearing in which he and his attorney struggled with limited success to make him a sympathetic figure

The defendant hung his head and choked up as he admitted to many mistakes and apologized to the investors he was convicted of defrauding. At one point, a clerk handed him a box of tissues.

"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. "There is no conspiracy to take down Martin Shkreli. I took down Martin Shkreli."

In the end, U.S. District Judge Kiyo Matsumoto gave him a sentence that fell well short of the 15 years prosecutors wanted but was a lot longer than the 18 months his lawyer asked for. He was also fined $75,000.

He was found guilty in August of lying to investors in two failed hedged funds and cheating them out of millions. The case was unrelated to the 2015 furor in which he was accused of price-gouging, but his arrest was seen as rough justice by the many enemies he made with his smug and abrasive behavior online and off.

The judge insisted that the punishment was not about Shkreli's online antics or his raising the cost of the drug. "This case is not about Mr. Shkreli's self-cultivated public persona ... nor his controversial statements about politics or culture," Matsumoto said.

But she did say his conduct after the verdict made her doubt the sincerity of his remorse. She cited his bragging after the verdict that he would be sentenced to time served. And she quoted one piece of correspondence in which he wrote: "F--- the feds."

The judge ruled earlier that Shkreli would have to forfeit more than $7.3 million in a brokerage account and personal assets, including a one-of-a-kind Wu-Tang Clan album that he boasted of buying for $2 million.

Defense attorney Benjamin Brafman described Shkreli as a misunderstood eccentric who used unconventional means to make his defrauded investors even wealthier. He told the court that he sometimes wants to hug Shkreli and sometimes wants to punch him , but that his outspokenness shouldn't be held against him.

Related listings

  • Maldives court delays reinstating pro-opposition lawmakers

    Maldives court delays reinstating pro-opposition lawmakers

    Recent Cases 02/18/2018

    The Supreme Court of the Maldives delayed its order Sunday reinstating 12 pro-opposition lawmakers ahead of a key parliamentary sitting, the latest political turmoil to roil the island nation.Opposition lawmaker Ahmed Mahloof said the government may ...

  • Court: Lawsuit alleging coerced confessions can go to trial

    Court: Lawsuit alleging coerced confessions can go to trial

    Recent Cases 02/05/2018

    A lawsuit that accuses Evansville police officers of violating three teenagers' constitutional rights by coercing confessions in the killing of a homeless man can proceed to trial, a federal appeals court has ruled.A panel of the 7th U.S. Circuit Cou...

  • UN court lays down Costa Rica, Nicaragua maritime borders

    UN court lays down Costa Rica, Nicaragua maritime borders

    Recent Cases 02/04/2018

    The International Court of Justice laid down definitive maritime boundaries Friday between Costa Rica and Nicaragua in the Caribbean Sea and Pacific Ocean and a small land boundary in a remote, disputed wetland.As part of the complex ruling, the Unit...

Our Eugene Oregon Bankruptcy Practice

Since 2005, Erin Uhlemann has helped individuals and families facing financial difficulties file for bankruptcy relief. Erin's compassion and understanding of the law have helped hundreds of Oregonians achieve a financial fresh start. She started Willamette Valley Bankruptcy to focus on helping clients with bankruptcy and debt issues in the Lane County Area. Erin understands that choosing a bankruptcy attorney who makes you feel comfortable and confident can be as difficult as deciding whether to file a bankruptcy case. Because she knows that filing bankruptcy is not something that you planned to do or look forward to doing, Erin strives to make the process as easy as possible.

Because most people facing bankruptcy do not have extra money to pay fees, Willamette Valley Bankruptcy offers low upfront fees and will work with you to set up affordable payment plans to pay attorney fees and court filing fees. Consultations are always free so that you can get the answers you need before making any sort of financial commitment. If you have questions about attorney fees and payment plans, you can call or email today to get these questions answered.

Business News

Cook County IL Trucking Lawyers We are one of Cook County's leading Workers’ Compensation firms. Illinois workers’ compensation, transportation lawyers. >> read
Santa Ana, CA Workers' Compensation Lawyers We are one of Orange County’s leading Workers’ Compensation firms. >> read