Martin Shkreli sentenced to 7 years in prison for fraud

WASHINGTON, DC - FEBRUARY 04: Martin Shkreli, former CEO of Turing Pharmaceuticals LLC., smiles while flanked by Nancy Retzlaff, chief commercial officer for Turing Pharmaceuticals LLC., during a House Oversight and Government Reform Committee hearing on Capitol Hill, February 4, 2016 in Washington, DC. Mr. Shkreli invoked his 5th Amendment right not to testify to the committee that is examining the prescription drug market. (Photo by Mark Wilson/Getty Images)

Martin Shkreli was sentenced to seven years in prison on Friday for defrauding investors out of more than $10 million.

Shkreli, who gained notoriety for inflating the price of a life-saving drug, had faced up to 20 years behind bars for mismanaging money at three hedge funds.

He was convicted on August 5, 2017 of securities fraud and conspiracy in what prosecutors said amounted to a Ponzi scheme. Shkreli called the charges “a witch hunt of epic proportions.”

Shkreli, the former Chief Executive Officer of Retrophin, is most famous for his role as founder and CEO of Turing Pharmaceuticals. That’s where he jacked up the price of Daraprim, a life-saving drug for HIV patients, from $13.50 a pill to $750, sparking an angry public backlash. He ended up testifying on Capitol Hill about drug prices, but he sneered his way through the appearance and pleaded the Fifth Amendment.

The Daraprim debacle has nothing to do with his fraud convictions. Shkreli still has a net worth of $27.1 million, after subtracting for the forfeiture, and the taxes and legal fees that he owes, according to a court document.