Update: Martin Shkreli sentenced to seven years in prison for defrauding investors

[BumRushDaShow]

Source: Washington Post

BREAKING: Martin Shkreli has been sentenced to seven years in prison for defrauding investors, U.S. District Judge Kiyo Matsumoto roughly splitting the difference between what prosecutors and defense attorneys had asked for. The former hedge fund manager showed little reaction to the sentence. He will receive credit for the six months he has served while awaiting sentencing. Before hearing the verdict, Shkreli addressed the court and cried as he said he was sorry and had learned from his experience. This file will be updated.

NEW YORK — Martin Shkreli, the notorious former hedge fund manager, is scheduled to be sentenced in U.S. District Court on Friday for defrauding investors.

Prosecutors have asked U.S. District Judge Kiyo Matsumoto to sentence Shkreli to at least 15 years in prison. Shkreli’s defense team is asking for much less, 12 to 18 months.

Shkreli’s case has attracted international media attention for his outsized personality. An hour before his sentencing hearing, more than half a dozen television cameras were stationed outside the courthouse. Inside, his father, who sat on the front row of the courtroom everyday during his five-week trial, paced in a hallway.

Read more: https://www.washingtonpost.com/news/business/wp/2018/03/09/martin-shkreli-to-be-sentenced-friday-faces-more-than-decade-in-prison/?utm_term=.3043f6bc9028

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Original breaking:

BREAKING: Martin Shkreli sentenced to about seven years in prison for defrauding investors, according to news reports. This file will be updated.

NEW YORK Martin Shkreli, the notorious former hedge fund manager, is scheduled to be sentenced in U.S. District Court on Friday for defrauding investors.

Prosecutors have asked U.S. District Judge Kiyo Matsumoto to sentence Shkreli to at least 15 years in prison. Shkrelis defense team is asking for much less, 12 to 18 months.

Shkrelis case has attracted international media attention for his outsized personality. An hour before his sentencing hearing, more than half a dozen television cameras were stationed outside the courthouse. Inside, his father, who sat on the front row of the courtroom everyday during his five-week trial, paced in a hallway.

[irisblue]

1. Good 👍

[ProfessorGAC]

2. Ha Ha Ha Ha Ha Ha Ha Ha Ha !

Little punk deserves everything bad that happens to him. Let's see that smug look on his face in a orange jumpsuit!

[dewsgirl]

3. This guy is a douche, I hope he isn't in one of those country club prisons.

[maxsolomon]

30. "Country Club" prisons are a myth

https://www.cnbc.com/id/49506680

Martha Stewart went to real federal prison. Shkreli will too. There's no need to send him to a high-security prison; he's not a violent offender.

[Plucketeer]

4. Any chance

there'll be room in that cell for some other fraudsters? LOL! They'll be wanting some steel-seated underwear to protect themselves from one another!

[maxsolomon]

33. 4 posts in, prison rape joke.

good restraint, DU! it's usually the first comment.

[7962]

5. Not as much as deserved. Would've loved to see the full 15 & a ban from trading for life.

Hes a short selling manipulative ass.

[BigmanPigman]

18. Me too, and all his assets seized as well. Really wipe that smirk off up his smug face!

[nitpicker]

47. +1

[barbtries]

6. well that should

take the smirk off his face.

[demmiblue]

7. Ha, ha!

Martin Shkreli Weeps, Tells Sentencing Judge: ‘This Is My Fault’

Martin Shkreli told a federal 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.”

He choked back tears as he addressed Judge Kiyo Matsumoto, who will impose a sentence at the end of Friday’s hearing in Brooklyn, N.Y. He was convicted in 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.

https://www.bloomberg.com/news/articles/2018-03-09/martin-shkreli-weeps-tells-sentencing-judge-this-is-my-fault?cmpid=socialflow-twitter-business&utm_content=business&utm_campaign=socialflow-organic&utm_source=twitter&utm_medium=social

[BigmanPigman]

19. Is this from The Onion?

[7962]

43. Oh HORSESHIT. He has a long way to go before I'll ever believe him.

Sad thing is, he has a TON of people who still were hanging on his every word. Probably still will if hes allowed to tweet from prison

[dalton99a]

8. Fucker cried in court

LOL

[hatrack]

12. Awwwwww!!!

Too bad, so sad!

[volstork]

26. I'd love

to see a video of that.

[bullwinkle428]

9. BOOM BABY!!!! What a great start to the weekend!!

[OnlinePoker]

10. No word that I can find as to where he'll serve.

I'm assuming a club fed facility somewhere.

[maxsolomon]

31. Do you mean "low security federal prison"?

https://www.cnbc.com/id/49506680

[jmowreader]

45. FCI Medium Butner is my best guess

That’s the same joint Bernie Madoff is in. They can’t send him to an FCI Low or a Camp because, like Madoff, there are too many people who wish harm on him. They don’t need to send him to a high-security facility because he isn’t a flight risk. Seven years of making prison uniforms should do him a lot of good.

[hatrack]

11. Friday, just got a WHOLE LOT BETTER!!!

Fry, you slimy little FUCK!

[bucolic_frolic]

13. ZZZZBest was Barry Minkow's time in the pen

https://en.wikipedia.org/wiki/Barry_Minkow

I once met a businessman who was very very pleased with himself because he had met Barry Minkow as if big time fraud was something all serious businessmen should emulate. I mean if you can't go to jail, what's the sense of being in business?

[Kurt V.]

39. Let's hope

our fraudster in chief ends up there too.

[spiderpig]

14. DU experts - does this mean he has to serve the full seven?

Seems to me I read that Club Fed doesn't allow for parole. I'm not a lawyer and am preoccupied with porn actresses at the moment.

[safeinOhio]

21. The good and bad of Club Fed.

Best jail to be in and you serve all of the time.

[Vinca]

15. A happy ending to a generally shitty week.

[marble falls]

16. Seven years will end up around three. Now for the civil lawsuits.

[BobTheSubgenius]

25. Civil Lawsuits.

This verdict and sentence have given any legitimate lawsuit TEETH. Criminal liability is a Heaven On A Plate to a tort lawyer about to launch a claim for civil liability.

I'm disappointed that the slimy little F only got 7...and I doubt I'll get to see the other big one on my Wish List - that the claimants, govt. and lawyers take his very last dime. With any luck, the judgement(s) will be at least very substantial.

[marble falls]

29. I admit I thought he had a minimum 10 years coming, but three or so effective years work...

too, this is a 5%er after all. How many of those are there serving any kind of time at all.?

I love the fact he'd been going through a process of re-leveraging his bail prior to the sentencing because some of the original assets ended up being given to the government to give to victims he conned. I am impressed they gidn't even give him a single day off. Very few people get a reality check on the level Shkreli got his on. He truly felt bullet proof.

[7962]

48. Yes, I'd love to see him broke. He cost a lot of people a ton of money

Myself included. Although I have to admit my own greed played a part in him getting away with it

[mrJJ]

46. There is no Federal Parole... 85% jail time

He will serve 85% of his sentence... barring any major infractions..

71 months - 6 months credited...

[progressoid]

17. 7 years for defrauding investors but nothing for screwing the public.

[uponit7771]

20. When is parole?

[onetexan]

22. no parole for federal crime

"Under the Sentencing Reform Act of 1984, Congress eliminated parole for federal defendants convicted of crimes committed after November 1, 1987. But while federal prisoners can no longer look forward to parole release, they may nevertheless earn reduced terms for good behavior."

https://www.nolo.com/legal-encyclopedia/is-federal-parole-system.html

[uponit7771]

23. So he's doing 7 hard ? justice

[safeinOhio]

24. No parole for Fed crime.

Some time for good behavior.

[Kablooie]

27. A Club Fed incarceration is nothing compared to a real prison.

And he'll certainly be at one of those.

[maxsolomon]

32. Why should he be in a "real prison"?

He is not a violent felon.

https://www.cnbc.com/id/49506680

The quality of mercy is not strained...

[maddiemom]

28. Just didn't have Trump's luck.

[cloudbase]

34. With any luck,

he can get a chance to meet Ken Lay.

[Hekate]

35. Killing sick people? Pfft. Defrauding investors? Lock him up! I'll take what I can get.

Seven years is a good start.

[radliberal]

36. Sweet!

Sweet!

[briv1016]

37. Here's hoping it's federal pound me in the ass prison.

[Honeycombe8]

38. Who's Sorry Now? Whose heart is achin' for breakin' each vow? You had your way. Now yu must pay.

I'm glad that you're sorry, now.

https://img.washingtonpost.com/wp-apps/imrs.php?src=&w=1484

[cstanleytech]

40. My bet is he was only crying because he got caught and not because he was feeling actual remorse.

[radhika]

41. Life can indeed bring us to tears - and not always due to our own actions...

So easy to be arrogant when one is young, healthy and in the driver's seat. But we humans get cancers, untreatable TB or are born with many issues that call for support and attention.

Lots of Pharma execs and hedge fund fraudsters should go to jail too for the harm they do to the greater society. Our system came down on Shkreli for the same reason they came down on Madoff. He messed with THEM.

[gerryatwork]

42. Minimum security doesn't seem so bad

https://www.cnbc.com/2012/01/19/The-Best-Places-to-Go-to-Prison.html?slide=2

[Paladin]

44. Cry us a river, Pharma-Douche. Enjoy your stay. (nt)