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Martin Shkreli bound for jail after judge revokes his $5M bail

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paperfist said:
He is and I'll admit to not knowing a whole lot about the situation, but being a capitalist is illegal now? He's on the next episode of American Greed, can't wait to see it.

How did he come up with enough money to buy said drugs he raise 5000% in price?
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The fraud that is causing him to be in jail.
 
Darwin333 said:
So wait, he took his own profits to pay off people from a failed venture?
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I should have phrased it this way:

He took some of his investors' returns from a successful venture and gave it to investors of an earlier failed venture.

That's not the whole story though either. The reason he did that was because he had defrauded those original investors.

As an extremely rough analogy, it's like if I stole money from you, then I hit the lottery in an office pool, I lied to the pool about how much money they were each entitled to, and took a piece of what should have been theirs to restore the money I originally stole. And as @fskimospy pointed out, did that not out of a warped sense of fairness, but only so that you wouldn't notice the money was gone.

It's still more complicated than that though, since the only reason the second set of investors invested with him was because of the original fraud.
 
fskimospy said:
According to the court Shkreli is responsible for more than $10 million in losses. 1 year per million dollars you cost people sounds more than fair to me.

https://www.reuters.com/article/us-...0-4-million-in-losses-u-s-judge-idUSKCN1GA2DB
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Why? What does that accomplish? Vengeance? Is that how we want to do things?


Eventually paying people back after they become suspicious that you are defrauding them is no defense at all.
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Yeah, I didn't mean to defend him but rereading my earlier post it seems like I did. I don't deny that what he did was wrong, illegal, and he should go to jail for it.

And this is not directed at you, but no, he should not be sexually assaulted there.

It should. If people don't have to obey the courts then we're all screwed.
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I don't see much moral legitimacy in our courts anymore, that's my only point.
 
Blackjack200 said:
Why? What does that accomplish? Vengeance? Is that how we want to do things?
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No, but something coming closer to parity with crimes that deprive people of far less. I mean there are plenty of crimes you can get 10 years in jail for that do far less damage than taking $10 million from them. It bothers me that white collar crime is treated so much more lightly.

Yeah, I didn't mean to defend him but rereading my earlier post it seems like I did. I don't deny that what he did was wrong, illegal, and he should go to jail for it.

And this is not directed at you, but no, he should not be sexually assaulted there.
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No argument there as we are sentencing him to confinement, not rape. It's disturbing to me when people seem to relish the thought of prisoners being raped as opposed to being horrified by it. If you really want prisoners to be raped, try and change the law to mandate them being raped and see how far you get.

I don't see much moral legitimacy in our courts anymore, that's my only point.
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I'm not really worried about the morality of our courts so much as their efficacy.
 
Blackjack200 said:
I should have phrased it this way:

He took some of his investors' returns from a successful venture and gave it to investors of an earlier failed venture.

That's not the whole story though either. The reason he did that was because he had defrauded those original investors.

As an extremely rough analogy, it's like if I stole money from you, then I hit the lottery in an office pool, I lied to the pool about how much money they were each entitled to, and took a piece of what should have been theirs to restore the money I originally stole. And as @fskimospy pointed out, did that not out of a warped sense of fairness, but only so that you wouldn't notice the money was gone.

It's still more complicated than that though, since the only reason the second set of investors invested with him was because of the original fraud.
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Yeah, that is fucked up and regardless if the investors technically didn't lose anything because they got their initial investment back they were still stolen from.
 
Blackjack200 said:
Why? What does that accomplish? Vengeance? Is that how we want to do things?
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I'd say that one segment of society that lengthy jail sentences would actually deter is rich people. Hell I'd steal $10M if the only risk was 18 months in jail or less, I don't know many people that wouldn't.

In my state, and I'm sure it's similar in most others, you can get 12 years for simple burglary but a guy that steals $10M a 10 year sentence is excessive?
 
Darwin333 said:
Yeah, that is fucked up and regardless if the investors technically didn't lose anything because they got their initial investment back they were still stolen from.
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Problem is he shorted one company to conceal a loss at another. So if I’m a bank or investor in the profitable company I took a hit. What happened to the 10 million for the first company, if I’m an investor or bank I bought in or gave a loan to an organization that isn’t as solid as reported.
 
They haven't decided which prison he'll go to. Will it be a Club Fed or a FPMITA prison? The Federal Bureau of Prisons gets to choose.
 
Trump can't pardon him until he is officially sentenced, I suspect. He is Trump's "kind of people", a scumbag.
 
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