‘Pharma Bro’, who drove up anti-HIV drug prices, gets jail

‘Pharma Bro’, who drove up anti-HIV drug prices, gets jail
Former drug company executive Martin Shkreli exits U.S. District Court after being convicted of securities fraud, in the Brooklyn borough of New York City, U.S., August 4, 2017. REUTERS/Carlo Allegri

New York: Former drug firm executive Martin Shkreli, who drove up the price of drug used to treat HIV by 50 times, has been sentenced seven-year imprisonment by a New York federal court for defrauding investor.

The “Pharma Bro” was convicted last year for defrauding investors by showing fake account statements of two failing hedge funds that he ran.

The 34-year-old pharmaceutical executive, who has gained notoriety for driving up the price of HIV drug in 2015 and trolling critics online, cried in the court and apologised to investors, according to the PBS.

“I am terribly sorry I lost your trust,” he reportedly said in the court. “You deserve far better.”

Though his lawyers pleaded for leniency in sentencing, the U.S. District Judge Kiyo Matsumoto termed his crimes serious and handed him the sentence. (ANI)