Do you remember when Pharma Bro Martin Shkreli first upped the price of Daraprim? The gouge was a 5,500 percent increase that he insisted was necessary? And he did it with such arrogance and pride, too. (We wrote about it here.)
Well, his pride and arrogance were nowhere to be found at the end of last week when he was sentenced for his securities fraud conviction. In fact, he was bawling like a baby. (Or perhaps like the patients of Daraprim initially did, until the backlash made him lower the price.)
Shkreli said, “I was never motivated by money. I was trying to grow my stature and reputation. The only person to blame for me being here today is me. There is no conspiracy to take down Martin Shkreli. I took down Martin Shkreli with my disgraceful and shameful actions. This is my fault. I’m not a victim here, I am the defendant.”3
True. One hundred percent true. However, seems like a bit of the victim card. But people change and grow…maybe he did too?
“In addition to his prison sentence, Shkreli must undergo mental health treatment and perform community service. Matsumoto also imposed a $75,000 fine on top of a forfeiture order she signed earlier this week allowing feds to go after $7.3 million in assets.”4
Although Shkreli’s lawyer asked for a more lenient sentence of 12 to 18 months with community service, imploring the judge for nearly an hour not to sentence the loudmouth “simply for being Martin Shkreli,”5 the judge felt that given the severity of the crime, significant time behind bars was necessary.
For their part, prosecutors wanted at least 15 years, arguing, “What motivates Martin Shkreli is his own image. He wants everyone to believe that he is a genius, a whiz kid, a self-taught biotech wonder, the richest man in New York. That image is his mansion, his Maserati. He needs to be mythical.”6 Prosecutor Jacquelyn Kasulis went on to cite a psychiatrist’s report that found Shkreli “cannot tolerate failure and instead will lie and rationalize his failures to perpetuate his self-image.”7
However, the defense called their request “draconian.”
Shkreli will get credit for time served, he’s been awaiting sentencing in jail, and is lucky things weren’t worse. After all, following his conviction, he not only boasted about dodging jail or being sentenced to “Club Fed” but he also offered a $5,000 bounty for a strand of Hillary Clinton’s hair (which is why his bail was revoked).
His defense team plans to appeal the conviction.