{"id":14919,"date":"2018-03-09T14:11:00","date_gmt":"2018-03-09T22:11:00","guid":{"rendered":"http:\/\/associatednews.info\/content\/martin-shkreli-sentenced-to-7-years-for-securities-fraud\/"},"modified":"2018-03-09T14:11:00","modified_gmt":"2018-03-09T22:11:00","slug":"martin-shkreli-sentenced-to-7-years-for-securities-fraud","status":"publish","type":"post","link":"https:\/\/associatednews.info\/content\/martin-shkreli-sentenced-to-7-years-for-securities-fraud\/","title":{"rendered":"Martin Shkreli Sentenced to 7 Years For Securities Fraud"},"content":{"rendered":"

By Vanessa Romo<\/a><\/span> <\/p>\n

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\n Former pharmaceutical CEO Martin Shkreli (left) was sentenced to seven years for securities fraud on Friday.<\/p>\n

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Elizabeth Williams\/AP<\/p>\n

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Elizabeth Williams\/AP<\/p>\n

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Martin Shkreli, the former pharmaceutical executive who has been publicly excoriated <\/a>for sharply increasing the price of a lifesaving HIV drug and derisively referred to as the “Pharma Bro,” was sentenced on Friday to seven years in prison for defrauding investors<\/a> in two failed hedge funds and a drug company he once ran.<\/p>\n

It’s less than half of the 15 years prosecutors were seeking, but it far exceeds the minimum 18-month sentence Shkreli’s attorneys were hoping to secure for their client, whose 35th birthday is later this month.<\/p>\n

Shkreli was found guilty on two counts of securities fraud for duping hedge fund investors in MSMB Capital Management and MSMB Healthcare about the financial performance of the two companies that he operated. And he was convicted of conspiracy to commit securities fraud for manipulating stock shares of Retrophin, a pharmaceutical company he created.<\/p>\n

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U.S. District Judge Kiyo Matsumoto also ruled <\/a>Monday that Shkreli must forfeit the money he made from his fraud \u2014 nearly $7.4 million \u2014 and pay a $75,000 fine. And, as NPR’s Colin Dwyer reported, if Shkreli can’t come up with the funds to pay back the government, he’ll have to hand over a few prized possessions, including a one-of-a-kind Wu-Tang Clan album<\/a> and a Picasso painting.<\/p>\n