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US Prosecutors seek at least 15 years in prison for 'Pharma Bro' Martin Shkreli

23:56  06 march  2018
23:56  06 march  2018 Source:   reuters.com

'Pharma bro' Shkreli to be held responsible for $10.4 million in losses: U.S. judge

  'Pharma bro' Shkreli to be held responsible for $10.4 million in losses: U.S. judge Former U.S. drug company executive Martin Shkreli will be held responsible for $10.4 million in financial losses when he is sentenced for defrauding investors, a federal judge ruled on Monday, rejecting his argument that he did not cause any losses because his investors eventually came out ahead.The ruling from U.S. District Judge Kiyo Matsumoto could mean more prison time for Shkreli, since the amount of financial loss plays a major role in federal sentencing guidelines. While Matsumoto must consider the guidelines at the sentencing, which is scheduled for March 9, she is not bound to follow them.

U.S. prosecutors on Tuesday urged a federal judge to sentence former drug company executive Martin Shkreli to at least 15 years in prison for securities fraud, saying his lack of remorse and respect for the law justified a long time behind bars.

Prosecutors recommend 15 years for Martin Shkreli . Shkreli became notorious as the " Pharma Bro " when he raised the price of anti-parasitic drug Daraprim by more than 5,000 percent in 2015 while serving as chief executive officer of Turing Pharmaceuticals , now called Vyera Pharmaceuticals .

U.S. prosecutors on Tuesday urged a federal judge to sentence former drug company executive Martin Shkreli to at least 15 years in prison for securities fraud, saying his lack of remorse and respect for the law justified a long time behind bars.

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In a filing in Brooklyn federal court, prosecutors called Shkreli "a man who stands before this court without any showing of genuine remorse, a man who has consistently chosen to put profit and the cultivation of a public image before all else, and a man who believes the ends always justify the means."

Shkreli, 34, is scheduled to be sentenced on Friday by U.S. District Judge Kiyo Matsumoto, after having been found guilty last August of defrauding investors in two hedge funds and conspiring to manipulate the stock of a drug company he founded.

'Pharma bro' Shkreli seeks 12 to 18 month sentence, below guidelines

  'Pharma bro' Shkreli seeks 12 to 18 month sentence, below guidelines Martin Shkreli, the former drug company executive convicted of defrauding investors in two hedge funds he ran, has asked a federal judge to sentence him to 12 months to 18 months in prison, much less than suggested federal guidelines.Shkreli, 34, has been in jail since September, when U.S. District Judge Kiyo Matsumoto revoked his bail after he offered a $5,000 bounty for a strand of Hillary Clinton's hair in a Facebook post. Matsumoto is scheduled to sentence him on March 9.

Martin Shkreli . Don't miss stories. U.S. prosecutors on Tuesday urged a federal judge to sentence former drug company executive Martin Shkreli to at least 15 years in prison for securities fraud, saying his lack of remorse and respect for the law justified a long time behind bars.

NEW YORK (Reuters) - U.S. prosecutors on Tuesday urged a federal judge to sentence former drug company executive Martin Shkreli to at least 15 years in prison for securities fraud, citing the defendant's lack of remorse and respect for the law.

Benjamin Brafman, a lawyer for Shkreli, did not immediately respond to a request for comment.

Shkreli had asked for a 12-to-18-month sentence.

He has been in jail since September, when Matsumoto revoked his bail after he had offered a $5,000 bounty for a strand of former U.S. presidential candidate Hillary Clinton's hair in a Facebook post.

Shkreli became notorious as the "Pharma Bro" when he raised the price of anti-parasitic drug Daraprim by more than 5,000 percent in 2015 while serving as chief executive officer of Turing Pharmaceuticals, now called Vyera Pharmaceuticals.

Prosecutors said in Tuesday's filing that a 15-year prison term was shorter than the minimum 27 years recommended under federal guidelines, which judges need not follow.

But they said a "substantial term of incarceration" was warranted, citing Shkreli's "demonstrated lack of remorse, lack of acceptance of responsibility, and lack of respect for the law."

Jurors had found that Shkreli lied to investors about the performance of two hedge funds he ran, MSMB Capital and MSMB Healthcare, and conspired to manipulate the stock price of the drug company Retrophin Inc.

On Monday, Matsumoto ordered Shkreli to forfeit $7.36 million, a ruling that could force him to give up assets such as a one-of-a-kind Wu-Tang Clan album if he cannot come up with the money.

(Reporting By Brendan Pierson in New York)

After Shkreli conviction, what will happen to Wu-Tang album? .
Two unreleased, collectible rap albums may go up for auction following the criminal conviction of the albums' owner, pharmaceutical company investor Martin Shkreli.Shkreli was sentenced to seven years in prison for securities fraud on Friday. He owns an unreleased Wu-Tang Clan album and claims to own an unreleased Lil Wayne album. Both could be auctioned by the government since Shkreli has to forfeit more than $7.3 million in a brokerage account and personal assets.The 34-year-old entrepreneur known as "Pharma Bro" boasted that he paid $2 million in 2015 for "Once Upon a Time in Shaolin," the 31-track double album the Wu-Tang Clan spent six years creating.

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