Infamous “pharma bro” Martin Shkreli found guilty of securities fraud

Infamous “pharma bro” Martin Shkreli found guilty of securities fraud
Former pharmaceutical executive Martin Shkreli leaving the U.S. District Court for the Eastern District of New York, August 3 in New York City.
Source: Drew Angerer/Getty Images
Former pharmaceutical executive Martin Shkreli leaving the U.S. District Court for the Eastern District of New York, August 3 in New York City.
Source: Drew Angerer/Getty Images

Martin Shkreli — the former pharmaceutical company CEO best known for raising the price of a drug taken by AIDS patients by 5,000% — has been found guilty on three counts in his trial for securities fraud, conspiracy to commit securities fraud and conspiracy to commit wire fraud.

Shkreli, 34, was facing eight counts for his involvement in a money-making scheme from at least 2009 to 2014. During that time he is believed to have misled investors and covered up losses by doling out stock in Retrophin, his pharmaceutical company.

At one point he claimed he had $40 million in one of his hedge funds when it had only $300 in the bank, NBC New York reported on Friday.

After five days of deliberations, a jury returned a guilty verdicts on three of the eight counts on Friday, according to NBC New York.

Shkreli, who also gained notoriety for his behavior on Twitter — specifically for harassing journalist Lauren Duca — faced up to 20 years in prison, though NBC New York reported he will likely receive “far less” time than that.