Martin Shkreli can be held responsible for $10.4 million in losses when he’s sentenced for defrauding investors, meaning the man more commonly known as “Pharma Bro” could face more prison time than he initially expected.
U.S. District Judge Kiyo Matsumoto issued the ruling Monday, saying it did not matter that investors eventually came out ahead since the amount of loss plays a significant role in federal sentencing guidelines.
Shkreli is expected to be sentenced on Mar. 9. He has been in jail since his bail was revoked last September for putting a $5,000 bounty on a strand of Hillary Clinton’s hair. Shkreli and his lawyers were hoping for a prison sentence of 16 months or less. With the decision Monday, though, he could face up to 20 years.
Shkreli was found guilty last August of two counts of securities fraud and one count of conspiracy to commit securities fraud, related to the operations of MSMB Healthcare fund.
Investors, though, did not lose money since Shkreli partly repaid them with Retrophin stock.
Before, during, and after the trial, Shkreli has cultivated a reputation as America’s most hated man, increasing the price of a life-saving drug by 5,000%, holding an anticipated Wu-Tang album hostage, harassing women on Twitter, and for his smug court appearances.
