Today’s sentencing of Martin Shkreli was, as one would expect, a bit of a circus.
First, in a lengthy speech by Shkreli’s lawyer, Martin Brafman told a federal judge that he sometimes wanted to punch his client in the face, but he told U.S. District Judge Kiyo Matsumoto on Friday that Shkreli’s outspokenness should not be held against him during the sentencing phase for his fraud charges.
“I’ve got my begging voice on,” Brafman told the judge. He had previously argued for a lenient sentence in court filings partly on the grounds that his investors eventually made money after Shkreli paid them in stock and cash from Retrophin. On the other end, prosecutors had previously argued that Shkreli should not get any credit for what they described as stealing from Retrophin to pay off the investors and have said he did not show any genuine remorse. The Judged sided with the prosecution, earlier this week ordering Shkreli to forfeit $7.4 million in ill-gotten gains.
Then it was Shkreli’s turn to talk.
The “Pharma Bro”, in his last appeal to the judge ahead of his sentence, told the court that he understands his mistakes and begged forgiveness from the investors he lied to, saying, “I am terribly sorry I lost your trust. You deserved far better.”
- MARTIN SHKRELI TELLS JUDGE HE’S EMBARRASSED AND ASHAMED
- SHKRELI APOLOGIZES TO INVESTORS: `YOU DESERVED FAR BETTER’
- SHKRELI, WEEPING, TELLS COURT: `THIS IS MY FAULT’
As Bloomberg adds, Shkreli choked back tears as he addressed Judge Kiyo Matsumoto. He was convicted last August of lying to investors in his hedge funds and manipulating shares in the biotech company he founded. The prosecution has recommended he serve 15 years, while his defense team has said a shorter term is warranted.
Shkreli said he made “gross, stupid and negligent mistakes,” and that while he disagrees with the picture the prosecution painted of him, “I am not going to be baited into going into the mud.”
In the end, the judge split the baby, and on Friday afternoon announced Shkreli’s sentence: 7 years (or 84) months in prison with credit for time served, “capping a saga that alternately captivated and enraged Washington, Wall Street and the tabloids” as Bloomberg summarized one of the most closely watch legal cases in recent years.
With the sentence coming at roughly half of what the prosecution had sought, we can only assume that Shkreli will be happy, relatively speaking, although we doubt the trademark smirk will be there…
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