Martin Shkreli found guilty of security fraud

06 August, 2017, 00:27 | Author: Darnell Patrick
  • Martin Shkreli found guilty of security 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.

Recommended:

  • Jeff Sessions Wants to Stop Leaks by Targeting Journalists

    Yet Trump's anger about the leaks of sensitive and classified information was ignited even before his inauguration. Sessions said the "staggering number of leaks" had undermined the government's ability to protect the country.
    Facebook shuts down AI chat robot 'after it invents its own language'

    Facebook shuts down AI chat robot 'after it invents its own language'

    Facebook researchers in NY set up Bob and Alice , in a bid to develop automated trouble-shooters for social media networks. Fast forward to now, and those collaborative artificial intelligences have come up with some shortcuts to that process.
    Nintendo Switch Has Now Shipped Over 4.7 Million Units Worldwide

    Nintendo Switch Has Now Shipped Over 4.7 Million Units Worldwide

    Mario Kart 8 Deluxe is even more impressive, achieving 3.54 million sales even though it was only released on April 28. Nintendo has sold over 4.7 million Nintendo Switch consoles since its release in March 2017.
  • Income Tax raids on Karnataka minister spark political storm

    The MLAs have been kept there to ensure they are not "poached" by BJP ahead of the 8 August Rajya Sabha polls. Since Congress had 57 MLAs, Patel's election appeared straight forward before the defections of six MLAs.
    'Fidgety' Teen Jumps From Plane in SF

    'Fidgety' Teen Jumps From Plane in SF

    A flight attendant stood in front of the open exit to ensure people did not fall out while leaving the plane, he said. S. citizen, was traveling alone on the Copa Airlines Flight 208 from Panama City headed to San Fransisco, reports AP.
    Beyonce and Jay-Z hire SIX nannies for their newborn twins

    Beyonce and Jay-Z hire SIX nannies for their newborn twins

    With their newborns in good hands, the couple has time to work out and spend time together. Then we had to get to a point of, 'OK, tear this down and let's start from the beginning.
  • Sean Spicer already has a new job

    Sean Spicer already has a new job

    Sean Spicer will not be getting jiggy on the dance floor in front of a national audience. "The Mooch" has since been axed from 1600 Pennsylvania Ave.
    Holidaymakers advised to arrive early at Dublin airport this weekend

    Holidaymakers advised to arrive early at Dublin airport this weekend

    The European Commission has said that any delays at European airports due to stricter security checks are the responsibility of member states.
    More IT raids underway at locations connected with K'taka Min. Shivakumar

    More IT raids underway at locations connected with K'taka Min. Shivakumar

    A Minister of Karnataka has been searched. "He has been taken to his residence and questioned there", Jaitley said. I-T officials also visited the Eagleton Golf Resort where the minister was staying with Gujarat Congress MLAs.
  • US

    US "done talking about North Korea"

    The United States has been in talks with North Korean ally China on a draft U.N. Security Council resolution to impose stronger sanctions on North Korea.
    Health agency says child managing HIV without meds

    Health agency says child managing HIV without meds

    A long-acting injectable antiretroviral therapy may be just as effective as a daily oral dose in treating HIV, a trial has shown. The child from MS was given treatment just a day after they were born and HIV remained undetectable until 27 months afterwards.
    Arrest warrant issued for Cowboys return man Lucky Whitehead

    Arrest warrant issued for Cowboys return man Lucky Whitehead

    The Cowboys were not aware of Whitehead's arrest until the news was reported Monday. "I don't know what's going on". Running back Ezekiel Elliott was involved in an altercation on July 16 at a club in Dallas where a man was punched.


Popular

President Trump suggests firing top general for 'losing' Afghan war
Trump has expressed little interest in deploying military forces without a specific plan on what they will do and for how long. After a year, Trump said, the consultant's only suggestion was that the restaurant needed a bigger kitchen.

Princess Diana cried to the Queen over her 'loveless' marriage, documentary alleges
The tapes reveal that when Diana confronted Prince Charles about his affair with Camilla Parker-Bowles, he responded coldly. Deputy Chief Creative Officer Ralph Lee said the tapes are an important contribution to the "historical record".

United Nations appeals for calm in Venezuela ahead of controversial vote
Critics say the new assembly could, through constitutional changes, give Maduro new powers and dissolve state institutions. According to our constitution, we have only one way you can call Constituent Assembly - after you have uninominal votes.

Another Senate failure leaves Obamacare repeal future in grave doubt
Former President Barack Obama is crediting everyone who "mobilized, organized and made their voices heard" for derailing Republican efforts to repeal the Affordable Care Act.

Tobacco shares nosedive on FDA regulation warning
Mostly because of cigarette smoking, tobacco use is the leading cause of preventable death in the U.S. and around the world. British American Tobacco's USA subsidiary, Reynolds American Inc., said it was encouraged by Mr.

Death toll rises as Venezuela strike enters second day
A new USA sanctions announcement has coincided with a two-day strike and a major protest in Venezuela , Deutsche Welle reports . The latest deaths raised to 106 the number of people killed since April 1.

New press secretary reads Trump fan mail at press briefing
The key line here from Dylan: "How much monny do you have?" See the video below. So far, we don't have a real answer to this question.

Trump, Hariri meet in White House, urge fighting against terrorism
Foreign Policy reported that Lebanese lawmakers responded by lobbying their USA counterparts in Congress against the legislation. Secretary of State Rex Tillerson (R) meets with Lebanese Prime Minister Saad Hariri (L) at the State Department July 26, 2017.

Blast from the past as the Nokia 3310 hits our shelves again
According to the recent leaked price of Nokia 8 also leaked and it was with a price tag of Euro 589 (approximately Rs.43,400). The next two releases from the company are expected to be that of the budget Nokia 2 and the flagship Nokia 8 smartphone.

Hunt Is On for Chainsaw Attacker Who Wounded 5 in Swiss City
Although Schaffhausen is near the German border, there is no evidence indicating the suspect has left Switzerland, RTS reported. Police warned the man was "psychologically unstable" as they said he was still at large despite an overnight police search.