Millionaire Martin Shkreli was sentenced to seven years in prison for deceiving investors

2 min


0
1 share

The defense of the entrepreneur insisted on a jail sentence of a year and a half.

Millionaire Martin Shkreli was sentenced to seven years in prison for deceiving investors
Martin Shkreli. Photo CNN

‘The most hated man in America’ Martin Shkreli was sentenced to 7 years in prison for financial fraud. The court found that he deceived investors to get money, and then didn’t tell them when he unsuccessfully invested money on the stock exchange. This is reported by the Washington Post.

District Judge Kiyo Matsumoto delivered a neutral verdict in the Shkreli case: the prosecution asked the businessman for 15 years of imprisonment, and the lawyers for a year and a half.

The court found that Shkreli was cheating with the securities of his hedge fund MSMB Capital Management and deceived the investors of another of his company to cover the losses of the fund because of an unsuccessful investment on the stock exchange. When the money was demanded back, Shkreli began to hide under various pretexts and refused to return the funds. The Prosecutor of the Securities Commission found out that the businessman signed the hedge fund papers “hindsight” and pretended to be different people to investors.

Shkreli’s lawyers insisted that investors eventually made money anyway, and the jury made the wrong decision. Judge Matsumoto dismissed all motions of defense of the businessman. Prosecutors in response to this said that investors returned the money not because of honest hard work of Shkreli or his personal generosity, but as a result of his recurring crimes.

According to former Prosecutor of the Securities Commission David Chase, Shkreli during the process several times “dug his own grave”, showing disrespect to the court, justice, and law. Chase noted that such an attitude usually “does not lead to anything good.” In a three-page letter to the court, Shkreli admitted that he made several mistakes and noted that he still considers himself “a good man with great potential”.

The businessman was waiting for the sentence for almost six months: he was found guilty of fraud in August 2017. Shkreli threatened 20 years in prison. Then he refused to admit his guilt and stated that the jury judge would have to apologize to him after the end of the trial.

Shkreli acquired a bad reputation in the US for raising the price of a medicine for AIDS by 5000% — from $13 to $750. He did this right after his company Turing Pharmaceuticals became the sole owner of the right to release the drug. The American press called the millionaire “the most hated man in America.”

In addition to defiant behavior during the trial and in the media, Shkreli bought out a single copy of the album of the rap group Wu-Tang Clan and constantly teased users by putting it openly, but didn’t do it.


What's Your Reaction?

Happy Happy
0
Happy
Haha Haha
0
Haha
Love Love
0
Love
Wow Wow
0
Wow
Cry Cry
0
Cry
Angry Angry
0
Angry
Choose A Format
Story
Formatted Text with Embeds and Visuals
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item