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American Businessman Martin Shkreli Found Guilty of Fraud Trial in NY

06 August, 2017, 00:28 | Author: Paula Vaughn
  • 'Pharma bro' Martin Shkreli found guilty of 3 of 8 charges, including securities fraud

Immediately after the verdict, Mr. Shkreli appeared somewhat shaken.

"It's time for Martin Shkreli to be held accountable for his behavior, for his choices to lie and to deceive and to steal and to take peoples' money without a second thought, without even a pause", said Kasulis.

Prosecutors said he kept making frightful stock picks which forced him to cook up schemes to recover millions in losses. "He knew exactly what he was doing", she added, having previously described him as "a con man who stole millions".

Prosecutors alleged that Shkreli repaid investors with cash and stock looted from his biotech company Retrophin, however he was cleared on charges relating to this.

"Who lost anything?" Brafman asked rhetorically during closing arguments, before answering himself: "Nobody".

At 2:18 p.m., Judge Kiyo Matsumoto's clerk abruptly stood up, hung up a phone, and walked into the judge's chambers. He's not likely to receive two full decades in prison (and he won't be popular in his new digs), but some people will hope for more than 20 years, given the circumstances of how Pharma Bro made his fortune... It was much, much smaller in scale but eerily familiar in technique to anyone familiar with the business playbook of Bernie Madoff (now in prison for fraud after getting a 150-year sentence).

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Shkreli drew national scorn two years ago when, as the CEO of Turing Pharmaceuticals, he unapologetically raised the price of a lifesaving drug used by some AIDS patients from $13.50 per pill to $750. 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".

Duca slammed Shkreli in a tweet after the news broke.

Shkreli's trial in federal court focused on prosecutors' claims that he misled investors who had placed money into two hedge funds he ran.

While the defense expressed joy at the verdict - Shkreli said he was "delighted the jury did his job - the prosecution likewise claimed victory, saying "justice was done".

"Artist "@jamesharveytm" tweeted a collection of courtroom drawings and the observation that "they had search high and low to find a jury who don't hate Martin Shkreli. 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. And they gave him money. Why? "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.

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