Martin Shkreli, the Internet's Most Hated Man, Has Been Convicted
- Author: Eleanor Harrison Aug 06, 2017,
Aug 06, 2017, 0:27
Jurors took four and a half days to find Shkreli guilty on three of eight counts against him.
The first two counts carry a prison sentence of up to 20 years, while the count of securities fraud will get him an additional five years.
Martin Shkreli with his attorneys speaking to reports after his trial. In order to cover his behind, Shkreli created the other hedge fund, MSMB Healthcare, and founded Retrophin, according to the complaint, "so that he could continue trading after MSMB Capital became insolvent and to create an asset that he might be able to use to placate his MSMB Capital investors".
Then he engineered a complicated stock deal in which he bought Retrophin shares at below market value and then used them to pay back the investors in his hedge funds.
"Justice was served", she said after the verdict. Enjoy your schadenfreude, world.
In that courtroom that day, the notorious 34-year-old former pharmaceutical CEO Martin Shkreli was waiting for a verdict in the securities fraud case against him.
As a result, Shkreli could face up to 20 years behind bars.
Shkreli's lawyer, Benjamin Brafman, raised the prospect of an appeal and said the verdict would give the court "enormous discretion" on sentencing.
The felon even created a new Twitter account to communicate to the public how confident he was about the impending court decision. Brafman was the opposite: during his closing argument, the diminutive celebrity defense attorney paced in front of the jury and tried an emotional appeal.
Shkreli remained defiant following his conviction on multiple counts, expressing satisfaction with the ruling.
When challenged about his refusal to cooperate, he told a lawmaker: "I intend to follow the advice of my counsel, not yours".
The prosecutor who presented the government's closing argument, Jacquelyn Kasulis, was serious, measured, the one who studied harder than anyone else for the test; she walked the jurors through a meticulous review of all the evidence the government had amassed, a process that lasted nearly four hours.
Shkreli was also in the news in connection with his leadership of another drug company, Turing Pharmaceuticals, when he hiked the price of its lifesaving drug Daraprim by more than 5,400 percent to $750 per pill.