Just days after ‘Pharma Bro’ hedge-fund manager Martin Shkreli was ordered by a federal judge to forfeit $7.36 million in assets, including the prized Wu-Tang Clan album Once Upon a Time in Shaolin, which he bought for $2 million, Shkreli — who has been convicted of securities fraud related to hedge funds and the drug company that he once ran — was sentenced to seven years in prison on Friday, reports CNBC.
U.S. District Judge Kiyo Matsumoto in Brooklyn didn’t sentence Shkreli on the negative media attention for his decision to hike the price of an AIDS drug by 5,500 percent at Turing Pharmaceuticals two and a half years ago, another company he founded, but instead for misleading investors about key details and the financial market performance of the MSMB Capital and MSMB Healthcare hedge funds that he operated.
Shkreli also was convicted last August of conspiring to fraudulently manipulate stock shares of Retrophin, the pharmaceutical company he co-founded, and was ousted as CEO of the company in 2014.
Additionally, federal sentencing guidelines had suggested a prison term of decades, but the judge noted that Shkreli only began his scheme to repay his hedge fund investors with Retrophin’s assets after investors began raising red flags that they had been defrauded.
For additional details, be sure to read the full story on CNBC.
In other life news, Kendall Jenner was reportedly hospitalized before the Oscars.
- Source: CNBC
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