Pharma bro Martin Shkreli convicted of securities fraud

Alicia Cross
August 6, 2017

Instead, on Friday afternoon, in Brooklyn, the jury delivered a victory, of sorts, to the government, finding Shkreli guilty on three of the eight counts with which he'd been charged-including the two most serious ones, of securities fraud. Today, a jury found him guilty of three of those counts. After the operations went south, prosecutors said Shkreli misused funds from another drug company he led, called Retrophin, to pay off the hedge fund investors.

In another example, the SEC says Shkreli lied to one of MSMB Capital Management's executing brokers about the fund's ability to cover a possible loss on a trade he wanted to make. That episode is unrelated to the fraud case. As he spoke, Shkreli smiled and cocked his head quizzically in mock confusion.

When the first guilty verdict was delivered, Shkreli looked to his right with a surprised smirk.

Five years later, Shkreli's approach doesn't seem so laudable after all. Calling prosecutor's efforts a "witch hunt of epic proportion", he claimed they "maybe found one or two broomsticks".

Former drug company executive Martin Shkreli and attorney Benjamin Brafman exits U.S. District Court after Shkreli was convicted of securities fraud, in the Brooklyn borough of New York City, U.S., August 4, 2017. He said outside court that he was "delighted to report" that he was acquitted of what he called "the most important charges" in the case.

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A juror anonymously told the New York Times: "In some of the counts at least we couldn't find that he intentionally stole from them and the reasoning was to hurt them".

He stood in front of the same judge in the same courthouse as the younger Shkreli. He was released until sentencing, which has yet to be set. As with Madoff, Shkreli's reputation apparently inspired investors, who wanted to put money into the young wiz's hedge fund.

The younger Shkreli - infamously known for drastically hiking the price of a live-saving drug - was convicted on federal charges he deceived investors in a pair of failed hedge funds. "Martin Shkreli doesn't think the rules doesn't apply to him, that the law doesn't apply to him".

"Daily News is fake news".

A jury found that Shkreli cheated investors out of more than $11 million between 2009 and 2014 in a "Ponzi-like scheme". Shkreli faces up to 20 years in prison, but will likely get a much lighter sentence, per theWashington Post. "I don't get it", he said of the jury verdict, and said they made mistakes. The public was not mollified by this excuse, however, and Shkreli was derisively labeled a "pharma bro".

Other reports by Free-Prsite

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