Infamous former drug company CEO Martin Shkreli was convicted on three counts of deceiving his hedge fund investors today. 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.
That increase sparked outrage from U.S. lawmakers and patients, and earned Shkreli the nickname "Pharma bro".
His lawyer Ben Brafman said he was thrilled by the verdict. He joked that maybe prosecutors "found one or two broomsticks".
For the boyish-looking Shkreli, one of the biggest problems was not part of the case - his purchase in 2014 of rights to a life-saving drug that he promptly raised the price from $13.50 to $750 per pill.
Prosecutors in the five week trial accused Shkreli of repeatedly misleading investors about what he was doing with their money. Whether the investor in question loses or makes money in the process is fairly irrelevant. He was not found guily of five other charges, including conspiracy and wire fraud. That's what I'm afraid of: "not the facts, not the law, not the testimony, but that Martin Shkreli be swept out in the current that surrounds Martin Shkreli everywhere he goes".
Businessman Martin Shkreli, once named the "most despised man in America" at raising costs for basic medications, was discovered blameworthy Friday of two checks of securities misrepresentation and one of trick in a government court in Brooklyn.
We're delighted in many ways. 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...
Speaking after the verdict, Shkreli's lawyer acknowledged that his client needs to break his habit of trashing critics. But hey, you've gotta take the wins where you can get them.
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