Martin Shkreli sentenced to 7 years in prison for fraud
Martin Shkreli was sentenced to seven years in prison on Friday for defrauding investors out of more than $10 million.
Shkreli, who gained notoriety for inflating the price of a life-saving drug, had faced up to 20 years behind bars for mismanaging money at his hedge funds.
He was convicted on August 5, 2017 of securities fraud and conspiracy in what prosecutors said amounted to a Ponzi scheme. Shkreli called the charges "a witch hunt of epic proportions."
During his sentencing on Friday in Brooklyn federal court, Shkreli, 34, broke into tears and pleaded with the judge for leniency.
"I look back and I'm embarrassed and ashamed," he told the court. "I am terribly sorry," he said to his investors, "I lost your trust."
"There's no conspiracy to take down Martin Shkreli. I took down Martin Shkreli with my disgraceful and shameful actions."
At his trial last year, Shkreli often wore a smirk and was chastised by the judge for his behavior, including for an incident in which he told reporters that the prosecutors on the case were "junior varsity." He also ignored the advice of his lawyer by commenting on the trial via social media and YouTube.
Shkreli's lawyer Ben Brafman, told reporters on Friday he thought the prison sentence was too severe.
"I'm disappointed that the sentence wasn't less than seven years. But Martin's fine and he will be fine," he said.
Martin Shkreli sentenced to 7 years in prison for fraud - Mar. 9, 2018