Martin Shkreli Sentenced to Seven Years in Prison for Fraud

(Bloomberg) -- Martin Shkreli, the pharmaceutical industry’s enfant terrible, was sentenced Friday to seven years in prison, capping a saga that alternately captivated and enraged Washington, Wall Street and the tabloids.

The 34-year-old -- who once proclaimed “you can’t quell the Shkrel” -- was convicted in August of lying to investors in his hedge funds and manipulating shares in Retrophin Inc., a biotech company he founded. Prosecutors had sought a sentence of at least 15 years for the securities fraud, while the defense asked for as little as a year.

A remorseful Shkreli told the federal court in Brooklyn, N.Y. that he was embarrassed and ashamed, saying he got innocent people mixed up in his conduct. “This is my fault,” he said. Addressing his investors, he choked back tears to say, “I am terribly sorry I lost your trust. You deserved far better.”

To contact the reporters on this story: Erik Larson in New York at elarson4@bloomberg.net, Patricia Hurtado in Federal Court in Brooklyn at pathurtado@bloomberg.net.

To contact the editors responsible for this story: Heather Smith at hsmith26@bloomberg.net, Andrew Dunn

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