Online Broadband Guide
Online Broadband Guide


'Pharma Bro' Martin Shkreli convicted of securities fraud, conspiracy

'Pharma Bro' Martin Shkreli convicted of securities fraud, conspiracy

Eccentric former pharmaceutical CEO Martin Shkreli, dubbed "the most hated man in America", has been convicted of fraud for deceiving investors in a pair of failing hedge funds.

A jury in Brooklyn deliberated nearly five days before returning guilty verdicts against Shkreli, 34, on two counts of securities fraud and a single count of conspiracy. He was derisively called "Pharma Bro" on social media-so he adopted that as his handle on League of Legends. As he spoke, Shkreli smiled and cocked his head quizzically in mock confusion. Prosecutors had a different take. "Count 7 was the government's attempt to theorize that I robbed Peter to pay Paul, and investors found this was not the case".

Prosecutors said he kept making frightful stock picks which forced him to cook up schemes to recover millions in losses. The case, heard in a federal court in NY, focused on allegations that he blew investors' money on bad stock picks before raiding his drug company of stock and cash to pay them back.

"Who lost anything? Nobody", Brafman said in his closing argument.

Martin Shkreli, who became a national symbol of pharmaceutical company villainy after massively increasing the price of a drug, has been convicted on securities fraud charges, according to CNBC.

After the verdict was handed down, federal judge Kiyo Matsumoto allowed Shkreli to walk free on $5 million bail, with a sentencing date not yet set. Several potential jurors were kept off the panel after expressing disdain for the defendant, with one calling him a "snake" and another "the face of corporate greed".

Wearing a short-sleeved dark polo shirt and khaki jeans, Shkreli flashed his trademark smile as he and his lawyers held an off the cuff news meeting outside the courthouse. Investors testified that they forked over money after hearing from others that Shkreli was a "rising star" in the hedge fund world, and were willing to dismiss his quirks, even when he greeted one investor in fluffy slippers and a stethoscope.

Brafman also said, "I think this verdict is a reasonably good verdict under the circumstances ... we are 90 percent pleased".

Prosecutors convinced the jury of five men and seven women that Shkreli, 34, misled investors in two of his hedge funds, MSMB Capital and MSMB Healthcare. They found him weird. "This trial has been a difficult voyage for all of us, and it was a difficult voyage because it was a difficult case", Brafman said.

Martin Shkreli, also known as "Pharma Bro", was dealt some justice after all of the legal loopholes he has used to increase the price of a life-saving HIV drug.

Shkreli additionally told columnists he would proceed with his own claim against Retrophin, saying his part as CEO there might have been "ended by some terrible on-screen characters", and that the organization at the focal point of the securities misrepresentation case would "be keeping in touch with me a vast check later on".

"All of this was a witch hunt of epic proportions".

Prosecutors "blame me for everything", he said.

follow

editors' picks

August 06, 2017
Fox News suspends host Eric Bolling after report of lewd text messages
Fox News has suspended host Eric Bolling pending the results of its investigation he sent lewd photos to three female colleagues. Their claims were corroborated by a dozen others who had either seen the photos themselves or had been told about them.

August 05, 2017
OPEN FOR BUSINESS: DOJ Coming For Leakers, Sessions Says
Dan Coats , the director of national intelligence, promised that he would help with the crackdown. Asked if lie detectors might be used, she answered, "Well, they may, they may not".

August 02, 2017
United States government freezes assets of Venezuela's President Nicolás Maduro
Venezuela's attorney general, Luisa Ortega, a vocal critic of the Maduro government, called the vote an expression of "dictatorial ambition".

August 02, 2017
45 senators urge block of Trump's trans military ban
The military would "not accept or allow" transgender people to serve "in any capacity", according to the Trump tweet . They, at the very least, deserve more than a string of inaccurate, ellipses-joined Twitter insults.

August 01, 2017
Accused coup plotters stand trial in Ankara
Turkey is set to hold its largest trial over the July 2016 coup attempt, with almost 500 people set to appear in court. Numerous 486 suspects face life terms in prison for crimes that include murder and attempt to assassinate Erdogan.

July 31, 2017
US 'Successfully' Conducts THAAD Defense System Test
Following Pyongyang's missile launch, South Korea and the United States carried out a round of combined ballistic missile drills. The Department of Defense has released video footage of Sunday's test of a USA missile defense system.

July 28, 2017
Transgender Service Members to Stay in Military … For Now
It's unclear what role the Pentagon played in Trump's decision to bar transgender war fighters from serving. Tell me what you think is going to be disruptive 'cause I don't see how it could be", DeCarlo said.

July 26, 2017
Arsenal boss Wenger accuses clubs of tapping up his 'top players'
Arsenal defender Laurent Koscielny has reportedly rejected a move to Marseille this summer, while Hector Bellerin is heading back to London.

July 26, 2017
How John McCain spent his weekend days after cancer announcement
McCain and continued health coverage for all who need similar medical care and treatment. "Then this will be his legacy". McCain was a Navy pilot during the Vietnam War, displaying a special kind of bravery and patriotism during his missions.

July 26, 2017
Saudi-led bloc unveils new Qatar 'terrorist' list
The Qatari minister ruled out the relocation of the Al-Udeid US military base from his country. Doha has denied the accusations.