Jury Convicts Martin Shkreli in Federal Fraud Case

Prosecutors said Shkreli illegally used his pharmaceutical company Retrophin to repay defrauded investors in his hedge fund.

Martin Shkreli, 34, raised the price of a lifesaving drug by 5,000 percent overnight and boasted that he would outwit prosecutors in his federal fraud case. On Friday, after five days of deliberations, jurors convicted him on three counts of fraud in federal court, the New York Times reports. “This was a witch hunt of epic proportions, and maybe they found one or two broomsticks,” he commented after the verdict.

Shkreli was accused of securities and wire fraud related to two hedge funds he ran, MSMB Capital and MSMB Healthcare. Prosecutors said he illegally used his pharmaceutical company Retrophin to repay defrauded MSMB investors. He didn’t seem to take the case seriously, meeting with federal authorities without a lawyer, making faces during testimony and calling the prosecution “junior varsity.” One juror described the deliberations as methodical and logical and said the jurors had focused on whether Shkreli had intended to harm investors who gave him money.

from https://thecrimereport.org