Crime

Martin Shkreli will serve 7 years in prison and forfeit over $7 million after losing appeal

Martin Shkreli, also known as the “Pharma Bro,” lost his appeal this Thursday to overturn a 7-year sentence for fraud, cementing his 2017 conviction.

The U.S. Court of Appeals for the 2nd Circuit ruled against Shkreli with a vote of 3-0, NPR reports. Shkreli must also forfeit over than $7.3 million and pay restitution of $388,336. He also must pay a $75,000 fine.

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.”

“Rarely has a white-collar criminal defendant evoked hatred and scorn from public in the way Shkreli has. Shkreli’s willingness to lie, step on people, flaunt his wealth and look down on others made him a villain that many wanted to see go down in flames,” James Goodnow, an attorney with a corporate defense firm, told The Washington Post.

Shkreli was convicted on three counts of fraud in 2017 and originally faced up to 20 years in prison.

Refuting Shkreli’s defense team’s appeal which claimed the judge gave the jury confusing instructions, U.S. Attorney Alixandra Smith said the instructions weren’t confusing, just more “precise.”

According to Smith, Shkreli simply lied to his investors in order to reel them in.

“I can’t lie to you on Day 1 and tell you, ‘Invest with me, I have a million dollars’ — or as Mr. Shkreli did, for example, say $100 million — because I believe on Day 10 that I may come into that $100 million,” Smith said according to NPR. “It doesn’t change my intent on Day 1, when I know that I’m lying because I don’t have it yet.”

Some think Shkreli’s cocky attitude may have contributed to his 2017 conviction.

“Shkreli’s lack of contrition and the way he cut people to the bone with his words no doubt evinced anger in the jurors that Shkreli’s defense team simply could not overcome,”  attorney James Goodnow told The Washington Post at the time.

Featured image via screen grab/CNBC

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