Business

'Pharma Bro' Shkreli gets seven years jail for defrauding investors

Sunday, March 11, 2018

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NEW YORK, United States (AFP) — Infamous “Pharma Bro” Martin Shkreli, once dubbed the most hated man in America for ratcheting up the price of an HIV drug, was sentenced to seven years prison Friday on charges of defrauding investors.

The disgraced former pharmaceutical executive and hedge fund manager was convicted last August of conspiracy to commit securities fraud and two counts of securities fraud.

Shkreli is best known for suddenly raising the price of the drug Daraprim by 5,000 per cent — from US$13.50 a pill to US$750 — in 2015.

Although that incident had nothing to do with his trial before a federal court in New York, so great was the 34 year-old's notoriety that it was initially difficult to find an impartial jury for the trial.

His bail was revoked in September over a threat aimed at Hillary Clinton —which he insists was a joke.

Shkreli's high-profile attorney, Ben Brafman, described his client as a mildly autistic self-taught genius and asked Judge Kiyo Matsumoto to limit the prison sentence to a maximum of 18 months.

Prosecutors were seeking 15 years prison, arguing that Shkreli had showed no remorse for his actions and pointing to his provocative and bizarre statements posted on social media.

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