Entertainment News
The No. 1 Source For Breaking Music, Film, and TV Headlines

Martin Shkreli will serve out remainder of 7-year prison sentence after losing appeal

on July 19, 2019, 9:49am

“Pharma Bro” Martin Shkreli has lost a bid to overturn his 2017 conviction for fraud and will serve out the remainder of his seven-year prison sentence.

During his appeals hearing, Shkreli’s lawyers argued that his trial judge had confused the jury with deliberation instructions, according to NPR. Additionally, they argued that the $7 million in assets in which Shkreli was ordered to forfeit was excessive because many of his hedge fund investors saw returns on their investment.

However, a three-judge panel from the U.S. Court of Appeals for the 2nd Circuit didn’t buy the argument, ruling against Shkreli by a 3-0 vote. The judge also reaffirmed the $7 million forfeiture of assets, a sum that includes the one-of-a-kind Wu-Tang Clan album, Once Upon a Time in Shaolin, which he purchased for $2 million, according to Rolling Stone. The appeals court also ordered Shkreli pay $388,336 in restitution as well as an additional $75,000 fine.

In August 2017, Shkreli was convicted on three of the eight charges brought against him by federal prosecutors, which included securities fraud and conspiracy to commit both securities fraud and wire fraud. Prosecutors accused Shkreli of taking stock from his biotechnology firm Retrophin and using it to pay off debts from unrelated business dealings.

Back in April of this year, Shkreli was reportedly thrown in solitary confinement following accusations that he was still running his company from prison using a contraband cell phone.