Pharma Bro Martin Shkreli Found Guilty on 3 of 8 Counts

  • Pharma Bro Martin Shkreli Found Guilty on 3 of 8 Counts

Pharma Bro Martin Shkreli Found Guilty on 3 of 8 Counts

Former drug company executive Martin Shkreli has been convicted of fraud by jurors in a U.S. court after a highly publicised, month-long trial. He was found guilty of securities fraud but not of conspiracy to commit securities fraud and conspiracy to commit wire fraud, AP reported.

After almost five full days of jury deliberations, Martin Shkreli has been found guilty of three counts of securities and wire fraud.

Sentencing in this case will not occur today.

The verdict in U.S. District Court in Brooklyn came on the fifth day of deliberations, which followed a monthlong trial. The charges are unrelated to his raising the price of Daraprim while he was CEO of Turing Pharmaceuticals.

His lack of remorse and arrogant public persona earned him the derisive media nickname "Pharma Bro".

Outside court after the verdict, Shkreli portrayed the decision as a victory.

Of the eight counts, Shkreli was found guilty of three.

That mission was the start-up pharmaceutical company Retrophin, reportedly founded to find a cure for rare disease called myotubular myopathy.

"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", Shkreli told reporters. Shkreli was accused of providing investors in the hedge funds with false financial statements and illegally funneling their money into and out of Retrophin's coffers.

And when investors asked for their money to be redeemed to them in cash, Shkreli brushed them off for months or more, inventing excuses and suggesting alternative ways to pay them back, according to the prosecution's case. Retrophin directors testified that they did not approve those agreements in advance.

Defense attorney Benjamin Brafman took strides to make sure that the jury wouldn't convict Shkreli for his actions and behaviors outside of the fraud and conspiracy charges.

However, Shkreli's attorney argued that his 34-year-old client is a "good kid," and stressed that everyone who invested in the two mutual funds ultimately made money off of their investments. He also emphasized that none of Shkreli's investors lost money, a rarity in a securities fraud case.

"The last few weeks have shown Martin Shkreli for who he is really is: a con man who stole millions of dollars and it's up to you... to tell the defendant, 'It's over, it's done".