Martin Shkreli Found Guilty On Several Counts Of Fraud

'Pharma bro' Martin Shkreli found guilty of 3 of 8 charges, including securities fraud

It took almost five days of deliberation for a jury of seven women and five men in NY federal court to convict Shkreli of three of the eight counts he faced, acquitting him all charges related to wire fraud.

When the verdict came in Friday afternoon, an outpouring of commentary ensued.

Shkreli was arrested in back 2015 on charges he used $11 million in stock and cash from another drug company he started called Retrophin to repay hedge fund investors. 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".

Asked about his client's social-media antics, attorney Ben Brafman said it was something they would be working on. He joked that maybe prosecutors "found one or two broomsticks".

Shkreli was on his YouTube channel chatting with fans and sparring with a reporter after Friday's verdict. When he made bad trades and lost money put into MSMB, he simply attracted more investors by claiming to be making money. He was not found guily of five other charges, including conspiracy and wire fraud. When Shkreli's trial finally began in June, the proceedings were comically slow.

Shkreli also shouted profanities and said "F**k "Pharma Bro" ..." The case was further complicated after some investors said during the trial that Shkreli's scheme helped them make more money.

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Shkreli remained defiant following his conviction on multiple counts, expressing satisfaction with the ruling.

The 34-year-old, who seemed to revel in his notoriety, and who was banned from Twitter earlier this year for harassing a female journalist, is facing up to 20 years in prison - although chances are he will serve only a fraction of that time. "And if I'm acquitted, I get to f- Lauren Duca", calling it "just my fantasy".

Brafman also said, "I think this verdict is a reasonably good verdict under the circumstances ... we are 90 percent pleased".

Two of the securities fraud counts for which Shkreli was convicted related to those hedge funds.

Shkreli, who remains free on $5 million bail, faces a maximum sentence of 20 years in prison.

Veteran New York City defense attorney Gerald Lefcourt. said: 'It's twofold: You don't want to antagonize the judge and you don't want to get the attention of the jury in a way that hurts your case'.

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