The 34-year-old pharmaceutical entrepreneur found guilty on three of eight federal charges that he deceived investors in a pair of failed hedge fund
Turin Pharma founder Martin Shkreli came under fire last year after buying the rights to 62-year-old drug Daraprim – which is used to treat conditions including AIDS-related toxoplasmosis – and jacking up the price to 750 dollars a pill.
Martin Shkreli, the hedge fund manager turned pharmaceutical entrepreneur once dubbed “the most hated man in America”, has been found guilty on three of eight federal charges that he deceived investors in a pair of failed hedge funds.
The jury of seven women and five men reached their verdict on the fifth day of deliberations after a month-long federal fraud trial. Shkreli, nicknamed “Pharma Bro” for his willfully provocative behaviour, faced up to 20 years behind bars on the charges of securities fraud, conspiracy to commit securities fraud and conspiracy to commit wire fraud.
Shkreli, 34, was convicted of two counts of securities fraud relating to charges that he lied to investors while sweet-talking them into pumping more capital into his failing hedge funds, and one count of conspiracy. But he was cleared of defrauding Retrophin, his former biotech company, which he was accused of illegally raiding for assets to reimburse skeptical investors who wanted their money back.
Speaking outside the federal court in Brooklyn on Friday afternoon, Shkreli said: “When you have the entire federal government on you … it’s a scary thing, it’s daunting to have that weight on your shoulders, and standing up to them and telling them I don’t think you have your facts right. We fought back and we feel like we won.”
He claimed to have been cleared on “the most important charges”