As he was being sentenced by a federal judge to 7 years in prison for securities fraud, Martin Shkreli, also known as the “Pharma Bro,” weeped openly in court as his sentence was handed down.
According to the Chicago Tribune, Shkreli cried as he recounted his past mistakes and apologized to bilked investors.
“I’m not the same person I was. I know right from wrong. I know what it means to tell the truth and what it means to lie,” he reportedly said before apologizing to investors. “I am terribly sorry I lost your trust. You deserve far better.”
Shkreli earned his notorious public persona after hiking the price of the lifesaving drug Daraprim by more than 5,000 percent overnight after he purchased the rights to the drug. The drug is primarily used by AIDS and cancer patients as well as pregnant women. Shkreli called the fraud case against him “bogus.”
“I was wrong. I was a fool. I should have known better,” he added.
U.S. District Judge Kiyo Matsumoto ruled earlier this week that Shkreli will have to forfeit more than $7.3 million in personal assets, including his “one-of-a-kind” Wu-Tang Clan album that he bought for $2 million. Shkreli won’t have to turn over the property until he’s had a chance to appeal.
According to their court filings, prosecutors weren’t impressed with Shkreli’s claims of remorse.
“At its core, this case is about Shkreli’s deception of people who trusted him,” they wrote. “Indeed, he compounded the lies with a pattern of corrupt behavior designed to cover up those lies. He lied to get investors’ money, he lied to keep them invested in his funds and he lied once those investors wanted their money back.”
Shkreli’s weeping demeanor is a stark turnaround from his former infamously cocky persona. As the Chicago Tribune points out, after his arrest in 2015, Shkreli repeatedly taunted authorities on social media. After his conviction last year, the judge revoked his bail and jailed him when Shkreli offered a $5,000 bounty to anyone who could get a lock of Hillary Clinton’s hair — antics that most likely influenced the unforgiving tone of prosecutors.
Martin Shkreli cried as he was sentenced to prison today.
I'll give you a tissue, Martin.
Only $500 each.
— Chad R. MacDonald (@ChadMac19) March 9, 2018
According to Assistant U.S. Attorney Jacquelyn Kasulis, Shkreli deserved 15 years in prison “because he is a criminal convicted of serious fraud,” adding that he has “no respect whatsoever” for the law, or the court proceedings.”
“I also want to make clear that Mr. Shkreli is not a child,” Kasulis said. “Mr. Shkreli is about to turn 35 years old, he’s a man. He’s not a teenager who just needs some mentoring. He is a man who needs to take responsibility for his actions.”