Martin Shkreli sentenced to 7 years in prison for fraud

Martin Shkreli (C) is brought out of 26 Federal Plaza by law enforcement officials after being arrested for securities fraud on Dec. 17, 2015, in New York City. (Photo by Andrew Burton/Getty Images)

NEW YORK — Martin Shkreli was sentenced to seven years in prison on Friday for defrauding investors.

Shkreli, who gained notoriety for inflating the price of a life-saving drug, had faced up to 20 years behind bars for mismanaging money at three hedge funds.

Federal prosecutors said he cheated investors out of more than $11 million between 2009 and 2014 in what amounted to a Ponzi scheme.