'Pharma Bro' Martin Shkreli convicted in fraud trial

He had been charged with securities fraud, conspiracy to commit securities fraud and conspiracy to commit wire fraud.

Shkreli also said that despite the verdict, "I'm Martin Shkreli; I'm going to live a great life". As he spoke, Shkreli smiled and cocked his head quizzically in mock confusion.

An hour after Shkreli's hearing, he livestreamed more of his reaction from his YouTube account, where he drank a beer and claimed that his sentence would be "close to nil". "Unless we can get all three of these counts dropped on appeal". Whether the investor in question loses or makes money in the process is fairly irrelevant.

Prosecutors said he kept making terrible stock picks which forced him to cook up schemes to recover millions in losses.

A brief footnote in the criminal lawsuit filed against the 59-year old Shkreli clarified, "This is not the same Martin Shkreli who is now on trial in the Eastern District of NY".

Prosecutors had claimed that Shkreli had defrauded a number of investors in two hedge funds, and taken millions of dollars.

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Attorney Ben Brafman made the claim during closing arguments in federal court in NY. Shkreli, 34, faces up to 20 years in prison. Two of them could result in sentences of up to 20 years each, and the third could result in a sentence of up to 5 years.

He went on Twitter to label members of Congress "imbeciles" for demanding to know why his company, Turing Pharmaceuticals, raised the price of Daraprim, a drug used to treat toxoplasmosis and HIV, from $13.50 to $750 per pill. Several potential jurors were kept off the panel after expressing disdain for the defendant, with one calling him a "snake" and another "the face of corporate greed". Since then, he's become an eccentric supervillain of sorts, and, among other things, purchased the only copy in existence of the new Wu-Tang Clan album.

Shkreli faced an eight-count indictment for allegedly stealing $11 million in stock from his first pharmaceutical company Retrophin to pay off investors who lost money in two of his hedge funds. The media outlet also noted that both Shkrelis are of Albanian descent but they are not related to each other.

"I think we are delighted in many ways", said Shkreli said outside of the courthouse.

Christopher LaVigne, a former federal prosecutor who is now a defense lawyer at the law firm of Shearman & Sterling, said it was notable that prosecutors secured a conviction without investor losses, and said it could encourage more such cases in the future.

(Copyright © 2015. All Rights Reserved.)
 
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