Disgraced Ex-Pharma Exec Martin Shkreli Gives FTX Founder Sam Bankman-Fried Prison Advice
Dec. 26 2022, Published 6:00 p.m. ET
Former pharmaceutical CEO and convicted criminal Martin Shkreli doled out advice for surviving prison to disgraced crypto bro and FTX founder Sam Bankman-Fried, who was arrested in the Bahamas earlier this month after the United States filed charges against him, RadarOnline.com can reveal.
Shkreli, 39, was released from prison in October 2022. In 2017, the 39-year-old former hedge fund manager and co-founder and CEO of big pharma firms, Retrophin and Turing Pharmaceuticals, received a seven-year sentence after he was convicted on two counts of securities fraud and one count of conspiracy to commit securities fraud.
Bankman-Fried, 30, was detained in the Bahamas while he awaited extradition to the U.S. to face fraud charges.
Sam Bankman-Fried
During an episode of crypto journalist Laura Shin's podcast, Unchained, Shkreli gave unsolicited advice to Bankman-Fried, advising him to "cooperate fully" and how to navigate life behind bars.
"His best bet, in my opinion, is to plead guilty, try to get 20-years, something like that and hope that your unprecedented cooperation will give you some kind of favor from prosecutors," Shkreli told the podcast host.
"Sam isn't exactly gonna be somebody that fit into prison you know my advice for him includes shaving his head, my advice for him includes deepening his voice," the ex-con continued as he reflected on his prison time.
The ex-hedge fund manager continued to point out "issues" with Bankman-Fried while he expressed concern for the "effeminate" FTX founder.
Martin Shkreli
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"Sam is going to have a lot of issues because he is a bit of an effeminate guy," Shkreli continued. "And his demeanor some people say autistic sort of sense or sensibility is not something that goes over well in prison."
The former FTX billionaire was charged after the collapse of his crypto company was declared bankrupt after losing billions of its client's funds. Bankman-Fried was accused of funneling his FTX client's money into another crypto-based firm, Alameda Research, which he founded.
If a guilty conviction is ruled against him, Bankman-Fried could face up to 115 years in prison.
Sam Bankman-Fried
Bankman-Fried's ex-girlfriend, Caroline Ellison, 28, has "cooperated with officials" on the case. The 28-year-old had served as CEO of Alameda Research since October 2021.
Ellison's role in Alameda Research and the alleged misuse of client funds have been under critical review by investigators, who have sought to determine whether or not the billions of dollars were transferred between Bankman-Fried's firms without client consent.
The eight charges against the disgraced crypto bro include wire fraud and conspiracy to commit wire fraud, securities fraud and conspiracy to commit securities fraud, as well as money laundering.
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