Former pharma CEO and convicted criminal Martin Shkreli adisgraced crypto-bro and FTX founder Sam Bankman-Fried jail survival tips when he was detained in the Bahamas earlier this month after the US filed charges against him.
Shkreli, 39, was paroled in October 2022. The 39-year-old former hedge fund manager and co-founder and CEO of big pharmaceutical firms Retrophin and Turing Pharmaceuticals was sentenced to seven years in jail in 2017
after being convicted on two charges of securities fraud and one count of conspiracy to conduct securities fraud.
Bankman-Fried, 30, was arrested in the Bahamas and is awaiting extradition to the United States, where he is accused with fraud.
Shkreli provided Bankman-Fried unsolicited advise on an episode of crypto journalist Laura Shin's podcast "Unchained," telling him to "cooperate completely" and cope with life behind bars.
In my perspective, the best thing to do is plead guilty, attempt to get 20 years, and hope that your unprecedented cooperation gets you some kind of favour with the prosecution," Shkreli told the host of the podcast.
Sam's not going to be someone who fits in jail; my suggestion to him is to shave his head; my advice to him is to deepen his voice," the ex-con added, reflecting on his time in prison.
The former hedge fund manager went on to criticise Bankman-Fried and expressed concern about the "effeminate" FTX founder.
Sam will have a lot of issues because he's a little effeminate "Shkreli went on. "
And his behaviour, which some attribute to an autistic sense or sensibility, is not well received in prison.
The former FTX millionaire was charged after his cryptocurrency firm declared bankruptcy after squandering billions of dollars in customer payments.
Bankman-Fried was accused of diverting funds from his FTX clients to Alameda Research, a crypto business he formed.
Bankman-Fried faces up to 115 years in jail if convicted.
Caroline Ellison, Bankman-ex-girlfriend, Fried's has "cooperated" with investigators in the investigation.
Since October 2021, the 28-year-old has served as CEO of Alameda Research.
Investigators were looking into Ellison's participation at Alameda Research as well as the potential misuse of client cash.
They sought to know if billions of dollars were transferred between Bankman-enterprises Fried's without the clients' permission.
Wire fraud and conspiracy to commit wire fraud