'Pharma Bro' Martin Shkreli guilty of fraud

'Pharma Bro' Martin Shkreli guilty of fraud

'Pharma Bro' Martin Shkreli guilty of fraud

He was acquitted on five other counts of conspiracy.

"And maybe they found one or two broomsticks but at the end of the day we've been acquitted of the most important charges in this case and I'm delighted to report that". As he spoke, Shkreli smiled and cocked his head quizzically in mock confusion.

Prosecutors asserted that Shkreli ran what was viably a Ponzi conspire, swindling financial specialists by overstating his own particular accreditations - for instance, guaranteeing that he went to Columbia University.

Barely an hour after the verdict, he was livestreaming on YouTube from his apartment, holding a beer and predicting that the sentence would be "close to nil". Prosecutors had a different take.

"My investors made three-to-five times their money without any aid from any settlement agreement".

Prosecutors said he kept making disgusting stock picks which forced him to cook up schemes to recover millions in losses. The government has said that Shkreli defrauded investors and stole upwards of $11 million from his company Retrophin to pay the defrauded investors back.

During the trial, Shkreli ditched his lawyers and delivered an impassioned and ill-advised rant to the press, earning him a modified gag order from the judge. He faces up to 20 years in prison. He could face a fine or up to 10 years in prison for each count he was found guilty. Arguably the most hated white-collar criminal in history, 34-year-old Shkreli came to public attention last year when one of his pharmaceutical companies, Turing, purchased the rights to a prescription drug Daraprim and raised the price from $13.50 to a whopping $750 for a single pill - and publicly gloated over his reprehensible action.

Despite Shkreli's lawyers' fleeting attempts to paint their client as a "brilliant man who could pioneer new cures for diseases", the jury was not convinced.

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Poking fun at another of Shkreli's outlandish actions - paying a reported $2 million for the lone copy of a Wu-Tang Clan album - the online news site Mashable tweeted that fans of the hip-hop act "everywhere rejoice".

However, the court's decision was hard to reach in view of the fact that some investors testified that they had indeed become richer through Shkreli.

Brafman said the amount of money Shkreli could be made to surrender would have been much higher if he had been found guilty of ripping off Retrophin, to repay swindled hedge-fund investors.

"They found him odd". He stopped speaking to reporters after that but still popped up on Twitter, which banned him earlier this year, to tease them under an pseudonym.

The third charge wasn't good for him: "Guilty". "We're not 100 percent pleased, we're 90 percent pleased", said Brafman.

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. He also emphasised that none of Shkreli's investors lost money, a rarity in a securities fraud case.

"My case is a silly witch hunt perpetrated by self-serving prosecutors", he said on Facebook at one point. The decision was announced during the afternoon inside the federal Brooklyn courtroom.

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