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Martin Shkreli cries in court, is sentenced to 7 years for securities fraud
Court News |
2018/03/10 19:34
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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 in favor of fired transgender funeral director
Court News |
2018/03/07 19:39
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A woman was illegally fired by a Detroit-area funeral home after disclosing that she was transitioning from male to female and dressed as a woman, a federal appeals court ruled Wednesday.
The 6th U.S. Circuit Court of Appeals said R.G. & G.R. Harris Funeral Home in Garden City discriminated against director Aimee Stephens by firing her in 2013.
In a 3-0 decision, the court said "discrimination against employees, either because of their failure to conform to sex stereotypes or their transgender and transitioning status, is illegal under Title VII" of federal civil rights law.
The court overturned a decision by U.S. District Judge Sean Cox, who said the funeral home had met its burden to show that keeping Stephens "would impose a substantial burden on its ability to conduct business in accordance with its sincerely held religious beliefs."
The lawsuit was filed by the U.S. Equal Employment Opportunity Commission.
"The unrefuted facts show that the funeral home fired Stephens because she refused to abide by her employer's stereotypical conception of her sex," said judges Karen Nelson Moore, Helene White and Bernice Donald.
The EEOC learned that the funeral home, until fall 2014, provided clothing to male workers dealing with the public but not females. The court said it was reasonable for the EEOC to investigate and discover the "seemingly discriminatory clothing-allowance policy."
Stephens said in a statement released by the American Civil Liberties Union that nobody "should be fired from their job just for being who they are," adding "I'm thrilled with the court's decision."
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Court: US anti-discrimination law covers sexual orientation
Court News |
2018/03/06 19:40
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A New York federal appeals court says U.S. anti-discrimination law protects employees from being fired due to sexual orientation.
The 2nd U.S. Circuit Court of Appeals ruled Monday. The decision stemmed from a rare meeting of the full appeals court, which decided to go against its precedents.
Three judges dissented. The ruling pertained to a skydiver instructor who said he was fired after telling a client he was gay.
The case led to two government agencies offering opposing views. The Equal Employment Opportunity Commission said Title VII of the 1964 Civil Rights Act covers sexual orientation. The Department of Justice had argued that it did not.
Donald Zarda was fired in 2010 from a skydiving job in Central Islip (EYEl-slihp), New York. He has since died. |
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Organized labor case goes in front of Supreme Court
Court News |
2018/03/02 19:41
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The Supreme Court is hearing arguments in a case that could deal a painful financial blow to organized labor.
All eyes will be on Justice Neil Gorsuch Monday when the court takes up a challenge to an Illinois law that allows unions representing government employees to collect fees from workers who choose not to join. The unions say the outcome could affect more than 5 million government workers in 24 states and the District of Columbia.
The court split 4-4 the last time it considered the issue in 2016. Gorsuch joined the court in April and has yet to weigh in on union fees. Organized labor is a big supporter of Democratic candidates and interests. Unions strongly opposed Gorsuch's nomination by President Donald Trump.
Illinois government employee Mark Janus says he has a constitutional right not to contribute anything to a union with which he disagrees. Janus and the conservative interests that back him contend that everything unions representing public employees do is political, including contract negotiations.
The Trump administration is supporting Janus in his effort to persuade the court to overturn its 1977 ruling allowing states to require fair share fees for government employees.
The unions argue that so-called fair share fees pay for collective bargaining and other work the union does on behalf of all employees, not just its members. People can't be compelled to contribute to unions' political activities. |
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California parents face new charges in kids' torture case
Court News |
2018/02/25 19:42
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A Southern California couple suspected of starving and shackling some of their 13 children pleaded not guilty Friday to new charges of child abuse.
David and Louise Turpin previously entered not-guilty pleas to torture and a raft of other charges and are being held on $12 million bail.
Louise Turpin also pleaded not guilty to a new count of felony assault.
Louise Turpin, dressed in a blouse and blazer, looked intently at more than a dozen reporters in the courtroom. David Turpin, wearing a blazer, tie and black-rimmed glasses, kept his eyes on the judge during the hearing. Both said little except to agree to a May preliminary hearing.
The couple was arrested last month after their 17-year-old daughter escaped from the family's home in Perris, California, and called 911. Authorities said the home reeked of human waste and evidence of starvation was obvious, with the oldest sibling weighing only 82 pounds.
The case drew international media attention and shocked neighbors who said they rarely saw the children, who appeared to be skinny, pale and reserved.
Authorities said the abuse was so long-running the children's growth was stunted. They said the couple shackled the children to furniture as punishment and had them live a nocturnal lifestyle.
The children, who range in age from 2 to 29, were hospitalized immediately after their rescue and since then Riverside County authorities, who obtained temporary conservatorship over the adults, have declined to discuss their whereabouts or condition.
Attorneys representing the adult siblings told CBS News, however, that the seven are living at Corona Medical Center, where they have an outdoor area for sports and exercise, and are making decisions on their own for the first time. |
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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The content contained on the web site has been prepared by Securities Law News as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. | Affordable Law Firm Website Design by Law Promo |
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