<img height="1" width="1" src="https://www.facebook.com/tr?id=769125799912420&amp;ev=PageView &amp;noscript=1">
About Our People Legal Stuff Careers
Martin Shkreli
Martin Shkreli arrives at federal court in New York, Friday, Aug. 4, 2017. Jurors are starting their fifth day of deliberations at the federal securities fraud trial of the former pharmaceutical company CEO. (AP Photo/Seth Wenig)

‘Pharma Bro’ Martin Shkreli convicted at securities fraud trial



Former pharmaceutical CEO Martin Shkreli was reportedly convicted Friday on federal charges he deceived investors about two failed hedge funds.

A Brooklyn jury purportedly deliberated five days before finding the so-called “Pharma Bro” guilty on three of eight counts.

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

Prosecutors this week accused Shkreli of repeatedly misleading investors about how he was spending their money.

Shkreli largely wasted their cash on poor stock decisions, they added, forcing him to devise a scheme to recover millions of dollars he lost.

Some Twitter users on Friday expressed joy about Shkreli’s reported conviction on several federal charges.

The New York Daily News reported Friday that Shkreli, 34, now faces up to 20 years in prison, while The Associated Press reported no date has been set for his sentencing yet.

Assistant U.S. Attorney Alixandra Smith said in her closing arguments Friday that Shkreli told “lies upon lies” while interacting with investors.

Smith cited Shkreli’s claims he had $40 million on one of his hedge funds when it actually had just $300 in the bank as an example.

“[This trial] exposed Martin Shkreli for who he really is – a con man who stole millions,” Jacquelyn Kasulis, another prosecutor, added.

Shkreli’s defense countered that he ultimately made his investors – several wealthy financiers from Texas – richer when his company’s stock went public.

“Who lost anything? Nobody,” defense attorney Ben Brafman said in his closing argument.

Shkreli was arrested in 2015 on charges he swindled another drug company he founded, Retrophin, of $11 million in cash and stocks.

The controversial businessman reportedly used the funds to pay back hedge fund investors he owed.

Shkreli initially became notorious for buying the rights to a life-saving drug in 2014 and boosting the price from $13.50 to $750 per pill.

Several potential jurors were reportedly removed from his securities trial after voicing disgust for such actions, with one calling Shkreli “the face of corporate greed.”

Shkreli is additionally infamous for his outspoken social media posts, and he was permanently banned from Twitter earlier this year following controversy over his remarks on the platform.

The Associated Press contributed to this report.

Read Comments
Facebook Twitter Instagram Pinterest Linked In List Menu Enlarge Gallery Info Menu Close Angle Down Angle Up Angle Left Angle Right Grid Grid Play Align Left Search Youtube Mail Mail Angle Down Bookmark