Martin Shkreli a former hedge fund manager has been sentenced to years in prison after concealing huge losses from two hedge funds he ran.
You may remember Martin from back in 2015 when he became notorious for hiking the price of a lifesaving drug while running the company then known as Turing Pharmaceuticals. Shkreli elevated the price of the drug Daraprim by more than 5,000 percent.
The 34-year-old former drug executive was found guilty and has been sentenced to seven years in prison. Reports say Shkreli, will get credit for six months he has already spent in jail since shortly after his conviction, also was sentenced to three years of probation after his release and ordered to pay a $75,000 fine.
During his time in jail, Shkreli has been teaching his inmates math, finances and other subjects.
Martin Shkreli was born March 17, 1983, he is the son of Croatian immigrant parents, who both worked as janitors in Brooklyn. At an early age, Martin showed he had big dreams and bought his first stock shares, in the computer company Compaq, at age 12.
He attended Hunter College High School, however did not graduate. Instead, he began working at Wall Street and landed an internship with Cramer, Berkowitz & Co. He eventually received a business degree from Baruch College. People close to him said he was obsessed with the ins and outs of Wall Street.
At age 18, he showed signs of his knowledge, however it also led him to his first encounter with police. At the time, he told Cramer’s fund to short a biotechnology stock in 2000. As he predicted, the stock fell, and Cramer’s fund profited. The well-timed short triggered a SEC investigation, but the regulator found no proof of wrongdoing on Shkreli’s part.
He opened his first hedge fund in 2009, MSMB Capital Management, where he continued shorting biotech stocks. In February 2011, Shkreli founded Retrophin –however, the same month he was left with only 60K in assets following a bad bet shorting Orexigen Therapeutics. Shkreli attempted to hide the losses and sent progress reports to investors. The rest is history. It is unknown if he is currently in a romantic relationship. Who would be brave enough?
I was a fool: Shkreli begs judge for leniency in cringe-worthy letter . RT US News Pharma Bro Martin Shkreli concedes that he was far from blameless in a letter to a judge pleading for leniency, according to court filings.