Pharma Bro Could Spend Next 15 Years in Jail in Fraud Case

Pharma Bro Martin Shkreli during a congressional hearing

Martin Shkreli also known as the ‘pharma bro’ could spend the next 15 years in prison if he is found guilty of all fraud charges on Friday.

Last summer, he got a conviction for securities fraud, and he is now waiting for sentencing. Last fall, a lower court revoked his bail after offering a public ransom to somebody who could bring him a lock of hair from Hillary Clinton.

Prosecution believes that the former pharmaceutical executive should stay 15 years in prison or more because he stole funds from his investors to create a drug company and erase any trace of his fraud.

Shkreli’s lawyers are trying to obtain a sentence of at most 18 months, arguing that the investors got their money back entirely plus additional stock from their client’s extremely lucrative drug company.

Pharma Bro Has a Passion for Hip Hop

This week, authorities seized two unreleased rap albums from the defendant: the Wu-Tang Clan’s “Once Upon a Time in Shaolin” and Lil Wayne’s unreleased album “Tha Carter V”. Shkreli bought Wu-Tang Clan’s unique album for $2 million in 2015, but he got into a dispute with them shortly after, threatening to remove Ghostface Killah from the only copy of the album entirely.

In 2016, Shkreli bought Lil Wayne’s album for an undisclosed sum of money, bragging on Periscope that “hip-hop’s most exclusive, most sought-after album” was his. He even played the first track online, so his passion for hip-hop brought him the moniker ‘pharma bro’

In December, the government asked Shkreli to pay $7.4 million as part of his conviction. On Monday, a court sided with the government and forced the defendant to give $7.4 million in assets which include the two albums, a Picasso painting, and a brokerage account.
Image Source: Wikimedia

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