By: Red Pill | 08-04-2017 | News
Photo credit: Wikimedia Commons

Infamous ‘Pharma-Bro’ Martin Shkreli Convicted On 3 Of 8 Counts Of Fraud

Former Pharmaceutical Chief Executive Martin Shkreli has been found guilty of three out of eight counts of securities fraud.

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">BREAKING: &#39;Pharma Bro&#39; Martin Shkreli is convicted at securities fraud trial.</p>&mdash; The Associated Press (@AP) <a href="">August 4, 2017</a></blockquote>

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Shkreli has become a legendary internet troll and a superstar in highlighting how broken the laws and regulations around pharmaceutical companies actually are, professing that while what he did may have been immoral or heartless it wasn't illegal.

A New York City jury cleared him on five other counts after five days of deliberations.

He was on trial in relation to a drug company he previously headed, Retrophin, and a hedge fund he managed.

The 34 year old Shkreli, was branded "the most hated man in America" in 2015 when after his firm hiked the price of a medication used by AIDS patients for treatment.

Despite facing prison after being convicted of two counts of securities fraud and conspiracy to commit securities fraud, Shkreli claimed he was actually pleased with the outcome.

Standing outside the court in Brooklyn, he said, "This was a witch hunt of epic proportions. 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."

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Because he paid his investors back their massive returns… late.<br><br>I&#39;m not joking. <a href=""></a></p>&mdash; The Swog Blog (@TheSwogBlog) <a href="">August 4, 2017</a></blockquote>

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Shkreli rocketed to notoriety in 2015 after raising the price of a lifesaving anti-parasite drug called Daraprim by 5,000% upon acquiring rights to the medication.

Overnight, the price of the drug soared from $13.50 to $750 per dose.

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Sure, they had search high and low to find a jury who don&#39;t hate Martin Shkreli. The sketch artist? Not held to the same standards <a href=""></a></p>&mdash; James Harvey (@jamesharveytm) <a href="">August 4, 2017</a></blockquote>

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Over the course of an entertaining five week long trial, jurors were told by prosecutors that Shkreli lied to investors about the performance of two hedge funds, MSMB Capital and MSMB Healthcare.

According to investigators he then stole from Retrophin, his pharmaceutical company, to pay those investors back.

"Martin is a brilliant young man," his lawyer, Benjamin Brafman, said after Friday's ruling.

"Sometimes, people's skills don't translate well," he told reporters, adding that his client suffers from "an image issue".

During the trial, the attorney portrayed his client as a misunderstood "nerd" who turned up at work wearing a doctor's "stethoscope and bunny slippers".

The so-called "pharma bro" often vented his spleen on social media, eventually getting himself banned from Twitter after harassing a female journalist.

He often appeared to relish in the negative publicity he received.

Shkreli was also admonished after refusing to answer questions during testimony to congressmen, whom he later called "imbeciles".


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1 Comment/s
Anonymous No. 6420 2017-08-12 : 04:58

If he was being ripped off, you know he'd scream like a bitch, kind of hope he gets malaria, but doesn't get the meds until it's fucked with his system. See how he likes being on the receiving end.

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