Wednesday, September 13, 2017

Martin Shkreli: ‘Most-Hated’ CEO jailbound - Bail Revoked - Update

Uber loudmouth "pharma bro" Martin Shkreli has talked himself into a much-harsher prison than he was ever likely to face for scamming his hedge-fund investors. He would have likely landed in a minimum-security prison camp. At least until his January sentencing, he’s cooling his dopey heels in the notorious Brooklyn Metropolitan Detention Center, a place that looks good only when compared to the “supermax” prison in Florence, Colo
“He’s going to be in total shock” said Attorney-in-Charge Deirdre von Dornum of the Federal Defenders of New York’s Eastern District office, who visited a client at the MDC on Wednesday. Race and gangs are two issues, his cockiness and notoriety others. He will be strip searched and if moved into general population instead of isolation could face a very unpleasant ride behind bars.
A judge jailed former pharmaceuticals company CEO Martin Shkreli on Wednesday after finding that he violated his bail on a securities fraud conviction with a social media posting she agreed posed a threat to Hillary Clinton. Defence attorneys had argued at a hearing in federal court in Brooklyn that the post by Shkreli, offering a $5,000 bounty to anyone who could grab him one of Clinton's hairs while she's on a book tour, was political satire. But U.S. District Judge Kiyo Matsumoto didn't see the humour, saying the offer could be taken seriously by fellow Clinton detractors. The Clinton offer could be viewed as “a solicitation of an assault,” the judge said before revoking Shkreli's $5 million bail.
Long before jurors reached their verdict, Martin Shkreli was guilty on one count: gall in the first degree. During his securities-fraud trial, prosecutors nailed the former biotech CEO for one of his lies. Shkreli liked to brag he was a Columbia University alum. He wasn’t. Most would shrink into their seats. Not Shkreli. Later that day, he took to his Facebook Live Stream and hurled obscenities at all his critics. He was wearing a Columbia T-shirt.
Martin Shkreli is best known as the founder of Turing Pharmaceuticals AG, where he gleefully spiked the price of a life-saving drug 5000 times. He was also accused of repaying creditors by stealing $11 million from Retrophin Inc., another medical company he founded. Prosecutors described it as a Ponzi scheme or robbing one bank to repay another. Facing a prison term of up to 20 years, Shkreli stands out in the annals of American CEOs turned convicts.

Shkreli made one conventional legal decision: he didn’t take the stand because his many lies could’ve been used against him.