Martin Shkreli found guilty of security fraud

06 August, 2017, 00:27 | Author: Darnell Patrick
  • 'Pharma bro' Martin Shkreli found guilty of 3 of 8 charges, including securities fraud

CNBC reports Shkreli, a former pharmaceuticals entrepreneur, was found guilty by a jury of "conspiracy to commit securities fraud, and two counts of securities fraud".

Greebel is charged with conspiracy to commit wire fraud and conspiracy to commit securities fraud, the New York Law Journal (sub. req.) reported in a prior story. He faces up to 20 years in prison. According to the U.S. Securities and Exchange Commission (SEC), Shkreli falsely claimed the fund had $35 million in assets when in reality it had less than $1,000.

Federal prosecutors accused Shkreli of cheating investors out of more than $11 million between 2009 and 2014 in what amounted to a Ponzi scheme.

Brafman said the amount of money Shkreli could be made to surrender would have been much higher if he had been found guilty of ripping off Retrophin, to repay swindled hedge-fund investors. It doesn't matter if you paid people back years later after you've stolen their money and you've lost all their money.

"Justice was served", said Bridget Rohde, acting U.S. Attorney for the Eastern District of NY. Enjoy your schadenfreude, world.

Shkreli additionally told columnists he would proceed with his own claim against Retrophin, saying his part as CEO there might have been "ended by some very bad on-screen characters", and that the organization at the focal point of the securities misrepresentation case would "be keeping in touch with me a vast check later on". A sentencing date has yet to be set.

Shkreli was arrested in December 2015 and his trial began about a month ago. Today, a jury found him guilty of three of those counts. Brafman was the opposite: during his closing argument, the diminutive celebrity defense attorney paced in front of the jury and tried an emotional appeal. "He knew exactly what he was doing", she added, having previously described him as "a con man who stole millions". As CEO of Turing Pharmaceuticals, Shkreli raised the price of a drug used by some AIDS patients from $13.50 per pill to $750, resulting in a public outcry that reverberated around the country.

He nearly immediately afterward used his new Twitter account, @samthemanTP, to comment on the outcome of the case, and also started a livestream on YouTube from his apartment.

That increase sparked outrage from United States lawmakers and patients, and earned Shkreli the nickname "Pharma bro".

"Count seven was the government's attempt to theorize that I robbed Peter to pay Paul, and the jury has spoken conclusively that Retrophin was not defrauded in this case", Mr. Shkreli told reporters. "Unless we can get all three of these counts dropped on appeal".

Shkreli embraced his role as a villain, continuing on to do things like buying the only copy of a Wu-Tang LP with his vast riches while being one of the last people on Earth who deserves to own such a thing.



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