Martin Shkreli, 34, wept as he was sentenced to seven years for defrauding investors
A former drug company boss who became infamous for hiking the price of Aids medication by 5,000 per cent has been jailed.
Martin Shkreli, 34, became known as the ‘Pharma Bro’ in 2015 after he bought the anti-parasitic drug Daraprim and raised its price to $750 (£540) per pill.
Such price gouging is commonplace in the US drug market but Shrekli’s arrogant attitude towards the move made him the face of corporate greed.
On Friday, Shrekli’s career hit rock bottom as he was jailed for seven years in New York after being found guilty of defrauding investors.
Shkreli did not visibly react as the sentence was announced.
Shkreli’s lawyer, Benjamin Brafman, told reporters after the hearing that he was “disappointed” by the sentence.
“I thought the sentence should have been less than seven years,” he said.
“But Martin’s fine and will be fine and obviously it could have been a lot worse.”
Before the sentencing, Brafman told the judge that Shkreli suffers from depression and an anxiety disorder and was a “somewhat broken” person, whom the government wanted to “throw away.”
Assistant U.S. Attorney Jacquelyn Kasulis had said a 15-year sentence was justified in part because Shkreli’s crimes were not an “isolated lapse in judgment,” but a pattern of conduct including separate frauds for his two hedge funds and for his drug company Retrophin Inc.
Shkreli, born in Brooklyn to Albanian immigrant parents, was indicted for the unrelated securities fraud charges in December 2015.