CNBC’s Meg Tirrell reports on the sentencing of Martin Shkreli who was handed down a sentence of 84 months with credit for time served which will amount to about 6.5 years.
Hedge fund manager Martin Shkreli was ordered to forfeit nearly $7.4 million in assets, and the court ordered specifically that if Shkreli did not have enough cash to fulfill the forfeiture order, his assets could be seized. Specific items subject to possible seizure are a piece of art by Pablo Picasso, Shkreli’s unique Wu-Tang album Once Upon a Time in Shaolin, the unreleased Lil Wayne album Tha Carter V, and Shkreli’s pharmaceutical company shares. He was sentenced in federal court in Brooklyn, New York.
Shkreli was found guilty on two counts of securities fraud and one count of conspiracy to commit securities fraud on August 4, 2017. He was found not guilty on five other counts.
Shkreli is most notoriously known for his business plan for Turin Pharmaceuticals, which he founded, that increased the price of a drug that was important in the treatment of malaria, parasites infection, and AIDS-related and non-AIDS-related toxoplasmosis. The of a dose of the drug Daraprim, which Turing acquired, increased immediately from $13.50 to $750 per pill.
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