Martin Shkreli Sentencing Marks End of Multi-Million Dollar Fraud

Martin Shkreli's sentencing marked the end of a multi-million dollar fraud case that left many people wondering how one person could amass such a large fortune through deceit.

Shkreli was ordered to pay $7.36 million in restitution to his victims, a significant portion of the $11 million he had stolen from his investors.

The court also imposed a 7-year prison sentence, a substantial penalty for the young entrepreneur who had once been hailed as a brilliant and innovative businessman.

Shkreli's downfall was swift and dramatic, with his company, Retrophin, being investigated by the SEC in 2012 and Shkreli being arrested in 2015.

Martin Shkreli, the former drug firm executive, was sentenced to seven years in prison for defrauding investors. He was convicted of sending fake account statements to investors while concealing huge losses from two hedge funds he ran.

Shkreli's lawyers had asked the judge to impose a sentence of 12 to 18 months, but prosecutors were seeking at least 15 years. His lawyer, Benjamin Brafman, described Shkreli as a "somewhat broken" person who suffered from depression and an anxiety disorder.

Shkreli's conviction was related to his work at MSMB Capital and MSMB Healthcare, where he operated hedge funds. He was also convicted of scheming to prop up the stock price of Retrophin, the drug company he founded in 2011.

Prosecutors sought a gag order on Shkreli after he made off-the-cuff remarks to reporters during the trial, calling the prosecution "junior varsity". However, the judge denied their application.

The court ordered Shkreli to forfeit nearly $7.4 million as a result of his fraud convictions, including a one-of-a-kind Wu Tang Clan album he paid $2 million for at auction in 2015.

Martin Shkreli must forfeit nearly $7.4 million as a result of his fraud convictions.

This includes a one-of-a-kind Wu Tang Clan album, "Once Upon a Time in Shaolin", which he reportedly paid $2 million for.

He also has to give up a Picasso painting and an album called "The Carter V" by Lil Wayne.

Additionally, Shkreli must forfeit $5 million he posted for bail.

Shkreli's net worth will still be around $27.1 million after subtracting the forfeited amount, taxes, and legal fees.

He owes taxes and legal fees on top of the forfeited $7.4 million.