How Martin Shkreli changed the whole conversation on drug prices 7 years in prison at Martin Shkreli, the financier who speculated on anti-HIV drugs September 2015 he became the most hated man in America for increasing the price of a life-saving medicine by 5000% of which he had taken over the exploitation rights. He has now been found guilty of fraud against customers of two hedge funds managed by him
March 10, 2018
USA: 7 years in prison at Martin Shkreli, the financier who speculated on anti-HIV drugs
Martin Shkreli, who rose to the news as ‘Pharma Bro’, for a time considered the most hated man in America, was sentenced to seven years in prison for fraud against investors. In front of the judge who sentenced him, Shkreli burst into tears and asked to have a second chance. The prosecution had asked him for 15 years in prison.
The former hedge fund manager, a 34-year-old rampant financier, had risen to the headlines in September 2015 when, after detecting the exploitation rights of a widespread anti-HIV drug, he had increased the retail price of 5000 %, bringing it from 13.5 to 750 dollars per tablet. The operation, led by Shkreli when he was in charge of Turign Pharmaceutical, had caused a huge uproar and ended up in front of the Congress. Two months ago, the assault financier had been arrested and indicted for fraud against investors as a result of a distraction of money from two investment funds managed by him. For that fraud, Shkreli was found guilty of fraud in August last year and sentenced to 7 years in prison and to pay a fine of 75 thousand dollars.
The process involved his work at the helm of the now-defunct hedge funds Msmb Capital Management and Msbm Healthcare Management and when he was at the top of the Nasdaq-listed Retrophin pharmaceutical group (from which he was hunted in September 2014 for using the company’s coffers as a personal piggy bank).
Shkreli had already been ordered to repay nearly $ 7.4 million and renounce the property – obtained by spending two million dollars – of the rap group Wu-Tang Clan, who had decided to produce it in a single copy and sell it to the highest bidder.