Martin Shkreli is convicted of fraud

Martin Shkreli was convicted of fraud by jurors in a U.S. court in Brooklyn on Friday, in a blow for the controversial financier, who had forcefully and repeatedly proclaimed his innocence. Nathan Frandino reports.

Martin Shrekli…infamous for raising the price of a drug used by AIDS patients by 5000 percent…convicted on Friday of three counts of securities fraud

MARTIN SHKRELI, FORMER DRUG COMPANY EXECUTIVE,

“We’re, I think, delighted in many ways with this verdict.”

His team was delighted because the outspoken executive was facing charges on eight counts.

He was convicted on two counts of securities fraud and one count of conspiracy and those could still land him in prison for up to 20 years.

The boyish 34-year-old was accused of lying to investors, losing their money and paying them back with cash and stock from his old drug company Retrophin.

Shrekli and his lawyer emphasized that none of the investors actually lost money… and chalked up the trial as a witchhunt.

MARTIN SHKRELI, FORMER DRUG COMPANY EXECUTIVE,

“This was a witchhunt of epic proportions and maybe they found one or two broomsticks, but at the end of the day we’ve been acquitted of the most important charges of the case.”

Before the trial, Shkreli sparked outrage when as CEO of Turing Pharmaceutials…. he raised the price of the drug Daraprim by 5,000 percent.

The ensuing controversy and his combative attitude earned him the nickname “Pharma Bro.”


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