Pharma Bro Martin Shkreli Found Guilty Of Fraud

Former drug company executive Martin Shkreli is surrounded by news cameras as he exits U.S. District Court following the second day of jury deliberations in his securities fraud trial in the Brooklyn borough of New York City U.S

'Pharma bro' Martin Shkreli found guilty of 3 of 8 charges, including securities fraud

A Brooklyn jury deliberated five days before finding Shkreli guilty Friday on two counts of securities fraud and one count of conspiracy to commit securities fraud, but he was acquitted on five other counts of conspiracy.

The split verdict reportedly confused Shkreli who looked over at his lawyer Marc Agnifilo each time a "not guilty" then a "guilty" verdict was read out by Judge Kiyo Matsumoto.

But not long after, he appeared outside of court and returned to form, saying that he was "delighted, in many ways", with the verdict. "My case is a silly witch hunt perpetrated by self-serving prosecutors", he had once said on Facebook.

But seriously, can the the conditional release of that WTC album to fans worldwide be part of his punishment? After the operations went south, prosecutors said Shkreli misused funds from another drug company he led, called Retrophin, to pay off the hedge fund investors.

Former drug company executive Martin Shkreli and attorney Benjamin Brafman exits U.S. District Court after Shkreli was convicted of securities fraud, in the Brooklyn borough of New York City, U.S., August 4, 2017.

That increase sparked outrage from US lawmakers and patients - and earned Shkreli the nickname "Pharma bro".

Prosecutors said that, starting in about 2009, Shkreli lied to investors in his hedge funds, MSMB Capital and MSMB Healthcare, concealing trading losses behind fake account statements.

No sentencing date has been set, and Brafman is considering an appeal. He also emphasised that none of Shkreli's investors lost money, a rarity in a securities fraud case.

But the case was tricky for the government because wealthy investors conceded that Shkreli's scheme actually succeeded in making them richer, in some cases doubling or even tripling their money.

A verdict has been reached in the securities fraud trial of former pharmaceutical company CEO Martin Shkreli (SHKREL'-ee). Within an hour, Shkreli was live-streaming on YouTube from his Manhattan apartment, drinking a beer and bragging about his wealth during an interview with a New York Daily News reporter.

The 34-year-old Shkreli is notorious for jacking up the price of a life-saving drug and for his snide "Pharma Bro" persona online. He now faces a 20-year sentence in prison after being out on bail for 5 million dollars. But hey, you've gotta take the wins where you can get them. However, defendants in such cases rarely receive the maximum sentence.

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