MENU

'Pharma Bro' Martin Shkreli Who Raised Daraprim Drug Price By More Than 5,000 Percent Gets 7 Years In Prison

Close

Martin Shkreli was sentenced Friday to seven years in prison and fined $75,000 after he was found guilty of defrauding his investors last year.

Martin Shkreli Admits Committing Mistakes

The entrepreneur, who became infamous for jacking up the price of a lifesaving drug, reportedly cried as he told U.S. District Judge Kiyo Matsumoto that he committed mistakes.

He also apologized to his investors, telling them he was sorry that he lost their trust and that he hopes to make amends and learn from his mistakes.

"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."

Misunderstood Eccentric

The prosecutors said that Shkreli was a master manipulator and deserved 15 years in jail for defrauding investors. Shkreli's lawyers, who argued the 34-year-old deserved to spend 18 months or less in prison, said that the man was a misunderstood eccentric who used non-traditional methods to make investors wealthier.

Shkreli was found guilty in August of lying to investors in two hedge funds he ran between 2009 and 2011 and looting millions from them.

Most Hated Man In America

In 2015, Shkreli gained public attention after he founded Turing Pharmaceuticals, bought the decades-old drug Daraprim and raised its price by 5,000 percent from $13.50 per pill to $750 per pill.

The drug is used to treat malaria around the world but in the United States, it is primarily used as a treatment for toxoplasmosis, a parasitic infection that may cause flu-like symptoms. The illness may not cause symptoms in some people but for babies born to infected mothers and those with a weakened immune system, this disease can be life-threatening.

The price-gouging led to Shkreli becoming the poster boy for corporate excess. He was dubbed "Pharma Bro" and the "most hated man in America."

He was also known for taunting prosecutors, calling lawmakers imbeciles, and harassing women including Hillary Clinton and a female journalist.

A psychological examination of Shkreli showed that he suffered from a major depressive disorder, generalized anxiety disorder, and a personality disorder.

Punishment Is For Defrauding Investors

The judge, however, insisted that Shkreli's punishment is not for raising the price of the drug nor for his abrasive behavior but for defrauding investors.

Matsumoto ordered the forfeiture of some $7.36 million in Shkreli's assets, which includes a one-of-kind Wu-Tang Clan album that Shkreli claimed to have been bought for $2 million.

See Now: Things You Should Never Search For On Google — You've Been Warned

© 2018 Tech Times, All rights reserved. Do not reproduce without permission.
Real Time Analytics