On Friday, "Pharma bro" Martin Shkreli was found guilty of securities fraud and conspiracy, stemming from his management of several hedge funds and the pharmaceutical company Retrophin. He had been charged with securities fraud, conspiracy to commit securities fraud and conspiracy to commit wire fraud. He was widely criticized, and seemed to relish the attention; he continued his flamboyant trolling by livestreaming his activities, fighting on Twitter, harassing women, and aligning himself with the extreme Right.
"Before he made headlines as the CEO of Turing Pharmaceuticals, Shkreli founded a pharmaceutical company, Retrophin, and a pair of hedge funds, MSMB Capital Management and MSMB Healthcare". According to the prosecution, Shkreli later told his investors that those funds had grown in value and were worth $100 million when in fact, they were never worth more than three percent of that.
His defense argued that Shkreli did not have "fraudulent intent" to rip off investors.
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Shkreli was arrested in late 2015 on securities charges. He asked why Mr. Shkreli would have bothered going on to repay the MSMB investors when he could have just walked away, and argued Mr. Shkreli didn't really profit from the scheme at all. The conviction, even as a mixed verdict, was a shattering defeat for the divisive Shkreli, who said before the trial that he was "so innocent" that the judge, jury and prosecutors would apologize to him afterward.
Jurors are deliberating for a fifth day at the federal securities fraud trial of former pharmaceutical company CEO Martin Shkreli (SHKREL'-ee).
He faces as much as 20 years in prison. But he said his hedge fund investors knew what they were getting. In one recent post, he wrote, "My case is a silly witch hunt perpetrated by self-serving prosecutors".
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Shkreli was also admonished after refusing to answer questions during testimony to congressmen, whom he later called "imbeciles". Since then, he's become an eccentric supervillain of sorts, and, among other things, purchased the only copy in existence of the new Wu-Tang Clan album. Judge Kiyo A. Matsumoto ordered Shkreli to stop talking in and around the courthouse after he dropped into a room full of reporters and began offering his thoughts on the trial. The verdict was a high-profile win for federal prosecutors in the Eastern District of NY, who had pursued the case for more than four years and have been trying to build up their business unit to compete with their colleagues in Manhattan.
Prosecutors "blame me for everything", he said.
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