‘Pharma Bro’ Martin Shkreli Found Guilty in Securities Fraud Trial

Shkreli was convicted on three counts and could face prison time.

August 4, 2017 3:55 pm
Martin Shkreli
From left: Attorney Benjamin Brafman and ex-pharmaceutical executive Martin Shkreli arrive at the U.S. District Court for the Eastern District of New York, August 1, 2017 in the Brooklyn borough of New York City. Jurors are continuing deliberations on Tuesday. Shkreli faces eight counts of securities fraud and conspiracy to commit securities and wire fraud. (Drew Angerer/Getty Images)

Martin Shkreli, notoriously known as “Pharma bro,” was found guilty of multiple criminal charges surrounding his management of two hedge funds on Friday. He could serve years in prison when sentenced.

A federal jury convicted the 34-year-old former pharmaceutical executive on two counts of securities fraud and one count of conspiracy to commit fraud, CBS News reports. He was found not guilty on five other charges.

Shkreli is best known for hiking up the price of Daraprim, a life-saving drug, by 5,000 percent while he was CEO at Turing Pharmaceuticals in 2015. He’s become infamous for his belligerent personality and brazen attitude on social media.

The legal case, which lasted five weeks at federal court in Brooklyn, was regarding an unrelated issue. Shkreli was accused of defrauding investors while he managed two hedge funds MSMB Capital Management and MSMB HealthCare between 2009 and 2014, CBS News reports.

Federal officials believe Shkreli lied about the performance of one of the funds and covered it up by stealing $11 million from Retrophin, a publically traded company he founded. According to CBS News, Shkreli’s lawyer argued no crime as committed because no investors had actually lost money.

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