Notorious 'pharma bro' Martin Shkreli slapped with 7-year prison sentence
Shkreli cried during the proceedings and expressed remorse; Judge imposed a $75,000 fine in addition to millions in previous forfeiture.
Martin Shkreli, the infamous pharmaceutical company founder who came to be known as "pharma bro," was slapped with a seven-year prison sentence on Friday in a Brooklyn federal courtroom after being convicted of securities fraud and conspiracy in August 2017.
Shkreli, who is widely known for jacking up the price of a life-saving drug known as Daraprim by about 5,000 percent, was convicted for crimes unrelated to the pharma pricing controversy. He was found guilty of defrauding investors out of more than $10 million after mismanaging monies at three hedge funds and lying to investors.
[Also: Martin Shkreli convicted of securities fraud after jury deliberates for 5 days]
Shkreli will get credit for the six months he has already served, after having his bail revoked this past fall for offering $5,000 to his social media followers to extract a hair from Hillary Clinton's head while she was on her book tour.
Shkreli cried during the sentencing and expressed remorse for his actions, saying he was not motivated by money, according to The New York Times.
"I am here because of my gross, stupid and negligent mistakes I made," he said.
In addition to the $7.36 million in forfeiture previously imposed, the judge also imposed a $75,000 fine, noting that his net worth is $27.2 million.
Twitter: @BethJSanborn
Email the writer: beth.sanborn@himssmedia.com
