'Pharma Bro' Martin Shkreli guilty of fraud

by Frankie Norman August 6, 2017, 0:30
'Pharma Bro' Martin Shkreli guilty of fraud

Prosecution witness Darren Blanton said on the stand that he invested in Shkreli's hedge fund MSMB Capital after being told the fund was managing $35 million in assets and had an independent auditor, Reuters reported.

Shkreli, often referred to as "Pharma Bro" because of his social media presence, was convicted on three of eight counts. Before Daraprim and Turing, Shkreli was a hedge fund manager and also started a pharmaceutical firm called Retrophin that went public. That will happen after prosecutors and defense lawyers argue how much, if any, money Shkreli should be ordered to forfeit, and after defense lawyers ask her to overturn the guilty verdicts.

A juror who was quoted anonymously by the New York Times, said "In some of the counts at least we couldn't find that he intentionally stole from them and the reasoning was to hurt them".

Jurors are deliberating for a fifth day at the federal securities fraud trial of former pharmaceutical company CEO Martin Shkreli (SHKREL'-ee).

Brafman said that while Shkreli's statements to investors were not always true, he made them in good faith. Retrophin itself was then out of cash and the whole house of cards was about to come tumbling down, but at the last moment, Shkreli secured a $10 million loan from an unnamed investor. The 34 year-old gained notoriety for raising the price of a potentially life-saving drug by 5,000 percent.

They say karma keeps receipts and that certainly seems to be the case for Martin Shkreli (a.k.a. "Pharma Bro").

Shkreli shook his head in apparent disbelief as the first of three guilty verdicts was read. He now faces several years in prison when sentenced at a later date.

"I think the world blames me for nearly everything", he told them.

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

Shkreli also said that if he got any jail time, it would be at "club Fed", a term that describes low-security prisons with less harsh environments than other facilities.

Yet with the audacity that has become his trademark, Shkreli met a scrum of reporters outside the courthouse and said he was "delighted in many ways", noting that he had been exonerated on charges he considered more serious.

They got the case Monday and were still grappling with it Friday in New York City.

Shkreli embraced his role as a villain, continuing on to do things like buying the only copy of a Wu-Tang LP with his enormous riches while being one of the last people on Earth who deserves to own such a thing.


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