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Martin Shkreli Found Guilty of Securities Fraud

Martin Shkreli Found Guilty of Securities Fraud

The 34-year-old, whose unapologetically douchey behaviour earned him the title of Pharma Bro on the internet, was found guilty on three of the eight charges against him.

"We're delighted in many ways", he said.

"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.

The charges Shkreli was convicted of were unrelated to that drug.

Brafman as much as admitted that Shkreli had done numerous things that the government alleged: lying to investors about how large the fund was, who was auditing it, and how much money it was returning each month.

Shkreli was dressed in a short-sleeve polo shirt and shook his head in apparent disbelief when the first guilty verdict was read. That's what I'm afraid of: "not the facts, not the law, not the testimony, but that Martin Shkreli be swept out in the current that surrounds Martin Shkreli everywhere he goes".

Former pharmaceutical CEO Martin Shkreli is upbeat and defiant following his conviction at his New York City securities fraud trial.

"This was a witch hunt of epic proportions". Some investors had to admit on the witness stand that partnering with Shkreli was "the greatest investment I've ever made", he added.

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As of right now, no date has been publicized for Shkreli's sentencing hearing. He was charged with three counts of securities fraud and five counts of fraud related to his hedge funds and a drug company he built.

Prosecutors said Mr. Shkreli eventually paid investors back with stock or cash from Retrophin by having them sign settlement or consulting agreements with the company.

Defense attorneys argued that Shkreli's investors were repaid, meaning he's already made reparations.

In closing arguments, Assistant U.S. Attorney Jacquelyn Kasulis called Shkreli "calculating". Before Shkreli's announcement, Turing Pharmaceuticals released a statement saying it was aiming to create new medications to treat the disease in an effort to reduce the side effects and that the higher price would subsidize costs for developing new drugs. When I tuned in, he said, "I'm one of the richest New Yorkers there is".

When the verdict came in Friday afternoon, an outpouring of commentary ensued.

A jury found that Shkreli cheated investors out of more than $11 million between 2009 and 2014 in a "Ponzi-like scheme".

If convicted of the most serious counts, he could face up to 20 years in prison but likely would receive far less time under sentencing guidelines.


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