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Martin Shkreli cries in court, is sentenced to 7 years for securities fraud
Legal Interview |
2018/03/10 12:14
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The smirk wiped from his face, a crying Martin Shkreli was sentenced to seven years in prison for securities fraud Friday in a hard fall for the pharmaceutical-industry bad boy vilified for jacking up the price of a lifesaving drug.
Shkreli, the boyish-looking, 34-year-old entrepreneur dubbed the "Pharma Bro" for his loutish behavior, was handed his punishment after a hearing in which he and his attorney struggled with limited success to make him a sympathetic figure
The defendant hung his head and choked up as he admitted to many mistakes and apologized to the investors he was convicted of defrauding. At one point, a clerk handed him a box of tissues.
"I want the people who came here today to support me to understand one thing: The only person to blame for me being here today is me," he said. "There is no conspiracy to take down Martin Shkreli. I took down Martin Shkreli."
In the end, U.S. District Judge Kiyo Matsumoto gave him a sentence that fell well short of the 15 years prosecutors wanted but was a lot longer than the 18 months his lawyer asked for. He was also fined $75,000.
He was found guilty in August of lying to investors in two failed hedged funds and cheating them out of millions. The case was unrelated to the 2015 furor in which he was accused of price-gouging, but his arrest was seen as rough justice by the many enemies he made with his smug and abrasive behavior online and off.
The judge insisted that the punishment was not about Shkreli's online antics or his raising the cost of the drug. "This case is not about Mr. Shkreli's self-cultivated public persona ... nor his controversial statements about politics or culture," Matsumoto said.
But she did say his conduct after the verdict made her doubt the sincerity of his remorse. She cited his bragging after the verdict that he would be sentenced to time served. And she quoted one piece of correspondence in which he wrote: "F--- the feds."
The judge ruled earlier that Shkreli would have to forfeit more than $7.3 million in a brokerage account and personal assets, including a one-of-a-kind Wu-Tang Clan album that he boasted of buying for $2 million.
Defense attorney Benjamin Brafman described Shkreli as a misunderstood eccentric who used unconventional means to make his defrauded investors even wealthier. He told the court that he sometimes wants to hug Shkreli and sometimes wants to punch him , but that his outspokenness shouldn't be held against him. |
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Court rules that Kushner firm must disclose partners' names
Legal Interview |
2018/01/26 15:16
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A federal judge ruled Friday that the family company once run by Jared Kushner isn't allowed to keep secret the identity of its business partners in several Maryland properties.
A U.S. district judge in the state rejected the argument that the privacy rights of the Kushner Cos. partners outweigh the public interest in obtaining judicial records in a lawsuit before the court. The decision means the company tied to President Donald Trump's son-in-law might be forced to provide a rare glimpse into how it finances its real estate ventures.
The ruling backed the argument by The Associated Press and other news organizations that the media has a "presumptive right" to see such court documents and the Kushner Cos. had not raised a "compelling government interest" needed by law to block access.
U.S. District Court Judge James K. Bredar ruled that Westminster Management, a Kushner Cos. subsidiary, must file an unsealed document with the identity of its partners by Feb. 9.
The ruling stems from a lawsuit filed by tenants last year alleging Westminster charges excessive and illegal rent for apartments in the state. The lawsuit seeks class-action status for tenants in 17 apartment complexes owned by the company.
Westminster has said it has broken no laws and denies the charges.
In addition to its privacy argument, the Kushner subsidiary had said media reports of the Maryland dispute were "politically motivated" and marked by "unfair sensationalism." Disclosure of its partners' names would trigger even more coverage and hurt its chances of getting an impartial decision in the case, it had said.
In Friday's ruling, the judge said these are not "frivolous concerns," but the public's right to know is more important.
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Greek court backs extraditing Russian bitcoin suspect to US
Legal Interview |
2017/12/13 01:33
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Greece's Supreme Court has ruled in favor of extraditing a Russian cybercrime suspect to the United States to stand trial for allegedly laundering billions of dollars using the virtual currency bitcoin.
Alexander Vinnik made his final appearance at an Athens court Wednesday amid an ongoing legal battle between the U.S. and Russia, who are both seeking his extradition.
Greece's justice minister will ultimately decide on whether Vinnik will be sent to Russia or the U.S.
The case was heard amid growing global interest in virtual currencies and their underlying blockchain technology, fuelled by the ongoing boom in the price of bitcoin.
The 38-year-old former bitcoin platform operator denies any wrongdoing but is not contesting the Russian request on less serious charges.
U.S. authorities accuse Vinnik of laundering $4 billion worth of bitcoins through BTC-e, one of the world's largest digital currency exchanges, which he allegedly operated.
Garrick Hileman, a research fellow at the University of Cambridge, said bitcoin's growing acceptance by mainstream markets makes criminal cases surrounding the currency more significant.
"For bitcoin to continue to attract regulated and institutional investors it will need to operate within the law," he told the AP.
"The United States, with the support of evidence from various cyber sleuths, is arguing that Vinnik and BTC-e were two of the biggest bad actors in the crypto-currency industry. Bringing bad actors to justice will help bitcoin move beyond its tainted history."
Vinnik was arrested at a northern Greek holiday resort in July and a lower court has already approved his extradition to the U.S.
Ilias Spyrliadis, a lawyer for Vinnik's defense, said they would formally respond after Wednesday's decision is published, in about one week.
"The Supreme Court has in essence accepted that our client should be sent to the United States," the lawyer said. "Our client has not made any response. He listened to the ruling as it was read out ... It is now up to the justice minister to decide when and where our client will be sent." |
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Court reverses itself and restores woman's murder conviction
Legal Interview |
2017/12/09 01:34
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Georgia's highest court has reversed it own recent decision and restored the murder conviction of a woman whose husband shot and killed a police officer.
The Georgia Supreme Court issued a new opinion Monday that upholds Lisa Ann Lebis' felony murder conviction in the 2012 slaying of Clayton County police officer Sean Callahan.
Barely a month ago the same court had axed Lebis' conviction, saying prosecutors failed to prove she "jointly possessed" the gun that her husband, Tremaine Lebis, used to kill the officer as the couple tried to flee a Stockbridge motel.
The new decision concludes that Lisa Ann Lebis could still be held accountable for the slaying as a co-conspirator.
The opinion Monday does not say why the high court chose to revisit the case. |
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