‘Pharma Bro’ Martin Shkreli’s trial for securities fraud came to a culmination today. The brash pharmaceutical tycoon weeped in court as he faced up to 15 years in prison. Per CNBC’ Meg Tirell, Judge Kiyo Matsumoto sentenced Shkreli to 84 months in prison:
The judge has just handed down a sentence of 84 months with credit for time served. That’s seven years. He of course has already served six months. That sentence applies to counts three and six, two of the three that he was convicted of. s already convicted of. For the eighth count she said she sentenced him to 60 months, but that’s going to run concurrently with the other counts. So in effect .. about six-and-a-half years here for Martin Shkreli is the sentence.
The Shock Exchange’s previous article highlighted how Shkreli was convicted of defrauding investors in Retrophin, the former biotech firm he founded and was later ousted from:
Shkreli, who was convicted in August of defrauding investors, is being held in prison while he awaits sentencing. He was ousted from Retrophin in September 2014 and went on to found Turing Pharmaceuticals, where he incited public outrage by jacking up the price of a life-saving drug more than 5,000%. Four months later, in December 2015, he was arrested and charged with fraud.
This brings to an end the saga of Shkreli’s public persona involving hiking drug prices, making fun of government officials, buying Wu-Tang Clan albums and being an overall jester online.