Martin Shkreli, better known to the world as “Pharma Bro,” was just sentenced to seven years in prison for securities fraud. As a federal judge read the sentence length to Shkreli, the 35-year-old fraudster began to cry.
Shkreli fought back tears as he apologized for stealing millions of dollars from investors in a scheme that reached across several companies.
“I’m not the same person I was. I know right from wrong. I know what it means to tell the truth and what it means to lie,” he said before apologizing to investors. “I am terribly sorry I lost your trust. You deserve far better.”
Shkreli earned a horrible reputation after he bought the company responsible for Daraprim and immediately raised the drug’s price by more than 5,000%. The drug is used primarily by people with AIDS, cancer, as well as pregnant women.
“I was wrong. I was a fool. I should have known better,” he said of his actions.
U.S. District Judge Kiyo Matsumoto ruled earlier in the week that the Pharma Bro must hand over more than $7.3 million in personal assets, including his “one-of-a-kind” Wu-Tang Clan album that he bought for $2 million. Shkreli will be able to appeal the court order before his assets are officially seized.
Court filings show that nobody was impressed with Shkreli’s show of remorse. The prosecution had the following to say about his actions.
“At its core, this case is about Shkreli’s deception of people who trusted him. Indeed, he compounded the lies with a pattern of corrupt behavior designed to cover up those lies. He lied to get investors’ money, he lied to keep them invested in his funds and he lied once those investors wanted their money back.”
A crying Shkreli was a far cry from his demeanor in 2015 when he repeatedly taunted authorities on social media. His bail was removed after he took to social media and offered a $5,000 bounty to anyone who could get a lock of Hillary Clinton’s hair.
Assistant U.S. Attorney Jacquelyn Kasulis wanted the fraudster to spend 15 years in prison “because he is a criminal convicted of serious fraud,” adding that he has “no respect whatsoever” for the law, or the court proceedings.”
“I also want to make clear that Mr. Shkreli is not a child,” Kasulis said. “Mr. Shkreli is about to turn 35 years old, he’s a man. He’s not a teenager who just needs some mentoring. He is a man who needs to take responsibility for his actions.”
Here’s a video that demonstrates the delusions of the Pharma Bro.
Even 15 years in prison wouldn’t be enough for Martin Shkreli…
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James Kosur is the former Editor-In-Chief and co-founder of Hill Reporter. He recently served as an editor for Business Insider and various other publications. James and his partners sold Hill Reporter to a new owner in July 2019.