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Pharma Bro gets jail for stock fraud

Pharma Bro gets jail for stock fraud”

"There's no conspiracy to take down Martin Shkreli", the former Turing Pharmaceuticals CEO said in court, while wearing a jail jumpsuit. Shkreli had not defrauded vulnerable people or spent their money on luxury homes or cars, he said. He's not a teenager who just needs some mentoring.

In court filings, prosecutors argued Shkreli's remorse about misleading his investors was not to be believed.

It focused on how Shkreli - before becoming the "most hated man in America" - ran his hedge funds and pharmaceutical company.

Shkreli's defence attorneys disputed all of the charges and attempted to sway the jury with a simple rebuttal: his investors were wealthy and sophisticated and he ultimately made them richer. "He dropped $2 million on the sole copy of the Wu-Tang Clan album 'Once Upon a Time in Shaolin", which the judge has included in his assets.

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Ahead of sentencing, Shkreli's attorney told the judge there were times he wanted to punch his client in the face. During the court hearing earlier today, Shkreli was emotional, saying, "I'm here because of my gross, stupid, negligent mistakes".

Perhaps the most absurd aspect of the proceedings concerns the fact that Shkreli is going away for ripping off other rich people and not for gouging the price of Daraprim, a drug used to treat infections related to HIV.

"There is so much more I want to do, and I will do it, the right way", Shkreli said, while starting to break into tears. But after he exhorted Facebook followers to pluck a hair from Clinton's head and offered $5000 per sample, the judge who sentenced him revoked Shkreli's bail and ordered him to be placed in Brooklyn's Metropolitan Detention Center, a far different experience for the pharma bro.

"I am terribly sorry I lost your trust", he said, according to Bloomberg.

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Shkreli became notorious in 2015, after acquiring the rights to the antiparasitic medication Daraprim and raised its price by more than 5,000 percent.

Shkreli broke down crying during his testimony.

"What no doubt increased Mr. Shkreli's sentence was his egregious and reckless conduct before, during and after trial", said David Chase, a former prosecutor for the Securities and Exchange Commission. In September previous year, he took to social media to offer $5,000 for a strand of former presidential candidate Hillary Clinton's hair, a statement Matsumoto saw as a threat and ordered Shkreli to be placed in jail until he was sentenced.

Shkreli's high-profile legal saga is also not yet over.

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