A federal judge ruled Monday that former drug company CEO Martin Shkreli will be held responsible for $10.4 million worth of financial losses related to his time as head of Turing Pharmaceuticals.
Judge Kiyo Matsumoto rejected Shkreli’s argument that he did not cause any losses for investors because they eventually came out with a profit, Reuters reported. The total losses will likely play a factor in Shkreli’s sentencing on March 9.
Matsumoto ruled Shkreli should not get credit for the money that was repaid to investors because he only returned it after they became suspicious.
Benjamin Brafman, a lawyer for Shkreli, told Reuters he was disappointed by the ruling but hopeful the judge will impose a lenient sentence.
Shkreli came into the public eye after he raised the price of an anti-infection drug used by AIDS and cancer patients, among others, by more than 5,000 percent. He was convicted last August on three counts of deceiving hedge-fund investors and faces up to 20 years in prison.
He was ordered to await his sentencing in jail after he offered in a Facebook post to pay $5,000 to anyone who obtained a sample of former presidential candidate Hillary Clinton's hair. He later apologized for the post.