Infamous "pharma bro" Martin Shkreli found guilty of securities fraud

Former drug company executive Martin Shkreli is surrounded by news cameras as he exits U.S. District Court following the second day of jury deliberations in his securities fraud trial in the Brooklyn borough of New York City U.S

'Pharma bro' Martin Shkreli found guilty of 3 of 8 charges, including securities fraud

His lawyer Ben Brafman said he was thrilled by the verdict. As he spoke, Shkreli smiled and cocked his head quizzically in mock confusion.

Of the eight counts, Shkreli was found guilty of three. He was charged later in the year and went to trial last month.

Former pharmaceutical company CEO Martin Shkreli, right, walks out of federal court with members of his legal team, Thursday, Aug. 3, 2017, in NY.

"My case is a silly witch hunt perpetrated by self-serving prosecutors", he said on Facebook at one point.

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".

Shkreli didn't stand firm in his own particular protection, rather squeezing his case via web-based networking media - which has been the two his stage and his demise. He ran the two funds between 2009 and 2014, prior to becoming the CEO of Turing Pharmaceuticals.

NY prosecutors accused Shkreli of wire and securities fraud related to two hedge funds owned by the investor, and alleged that he defrauded "multiple investors" out of millions of dollars, reportedly repaying them with stock and cash from a drug company that he founded.

When disgruntled investors attempted to claim their profits, Shkreli used money from other investors and Retrophin cash and stock to pay them off, according to prosecutors.

They say karma keeps receipts and that certainly seems to be the case for Martin Shkreli (a.k.a. "Pharma Bro").

In closing arguments, Assistant U.S. Attorney Jacquelyn Kasulis called Shkreli "calculating". What was not generally known at that time is that Shkreli was under a federal criminal investigation in connection with another one of this companies, Retrophin. When I tuned in, he said, "I'm one of the richest New Yorkers there is".

Matsumoto then read out the verdict sheet. The 34 year-old gained notoriety for raising the price of a potentially life-saving drug by 5,000 percent.

In other words, Shkreli's case does not represent a takedown of systemic fraud and corruption in the financial system; his were the schemes of an eccentric solo operator who is potentially a danger to others in the market, but who has little significance to the broader financial system. He faces as much as 20 years in prison, although he's likely to serve much less.

Prosecutors in the five week trial accused Shkreli of repeatedly misleading investors about what he was doing with their money.

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