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Former US pharmaceutical executive gets 7-yr jail term, fined $75,000
Ex-US pharmaceutical executive and hedge fund manager Martin Shkreli will now spend the next 7-years behind bars.
He will forfeit the sum of $7.3m and has also been fined $75,000 for defrauding investors in two hedge funds after raising the price of an HIV medication by a factor of 56 in 2015.
According to prosecutors, Shkreli was convicted for manipulating wealthy investors and deserved 15 years in prison after misleading them to put their money into two failed hedge funds he managed.
Read also: After questioning by parliament over missing $15b, Mugabe faces land grab lawsuit
Reacting to the jail sentence handed to him, Shkreli who is known for his bravado, struck a conciliatory tone at his sentencing when he said; “I am terribly sorry I lost your trust,” he told investors. “You deserve far better.”
However, his defence attorney said he deserved a sentence of 18 months or less because the investors’ funds were returned and they received stock in Shkreli’s drug company.
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