“Pharma Bro” Martin Shkreli says he feels “exonerated” despite being convicted on three charges at his securities fraud trial.
The Latest on Martin Shkreli’s securities fraud trial (all times local) :
5: 25 p.m.
“Pharma Bro” Martin Shkreli says he feels “exonerated” despite being convicted on three charges at his securities fraud trial.
Shkreli was on his YouTube channel chatting with fans and sparring with a reporter after Friday’s verdict.
Shkreli said, “In sum and substance I feel exonerated.” He said he thinks there’s a “50-50 chance” he won’t face any punishment.
He buzzed in a newspaper reporter and argued with her about his 2014 decision to buy the rights to a drug and raise the price from $13.50 to $750 per pill. He told her “I don’t think you understand pharmaceuticals.”
The charges Shkreli was convicted of were unrelated to that drug.
Prosecutors say Shkreli looted his drug company to pay back investors in two failed hedge funds he ran. The defense says investors got their original investments back and even made hefty profits.
___
3: 35 p.m.
A lawyer for “Pharma Bro” Martin Shkreli is acknowledging that his client has “an image issue” following his conviction at his securities fraud trial.
Ben Brafman said that although Shkreli was a brilliant mind, sometimes his “people skills” need work.
As he spoke, Shkreli smiled and cocked his head quizzically in mock confusion.
Shkreli was convicted Friday of three of eight counts against him.
Prosecutors say Shkreli looted his drug company to pay back investors in two failed hedge funds he ran. The defense says investors got their original investments back and even made hefty profits.
Brafman predicted that Shkreli would someday go on to develop cures to terrible diseases that afflict children.
Shkreli said that he was acquitted of “the most important charges” and that he was “delighted in many ways with this verdict.”
___
3: 20 p.m.
Former pharmaceutical CEO Martin Shkreli is upbeat and defiant following his conviction at his New York City securities fraud trial.
Shkreli was convicted Friday of three of eight counts against him. He said outside court that he was “delighted to report” that he was acquitted of what he called “the most important charges” in the case.
Prosecutors say Shkreli looted his drug company to pay back investors in two failed hedge funds he ran. The defense says investors got their original investments back and even made hefty profits.
Shkreli called the prosecution “a witch hunt of epic proportions.” He joked that maybe prosecutors “found one or two broomsticks.”
The judge continued Shkreli’s $5 million bail, allowing him to stay out of prison.
No sentencing date was set.
___
2: 40 p.m.
Former pharmaceutical CEO Martin Shkreli has been convicted on federal charges he deceived investors in a pair of failed hedge funds.
A Brooklyn jury deliberated five days before finding Shkreli guilty on Friday on three of eight counts.
The 34-year-old Shkreli is notorious for a price-gouging scandal and for his snide “Pharma Bro” persona on social media, but the case focused on allegations that he blew investors’ money on bad stock picks before raiding his drug company of stock and cash to pay them back.
But the case was tricky for the government because wealthy investors conceded that Shkreli’s scheme actually succeeded in making them richer, in some cases doubling or even tripling their money.
Shkreli called the case “bogus.”
___
2: 35 p.m.
A verdict has been reached in the securities fraud trial of former pharmaceutical company CEO Martin Shkreli (SHKREL’-ee) .
The jury in New York City has deliberated five days. The verdict will be read Friday afternoon.
Prosecutors say Shkreli looted his drug company to pay back investors in two failed hedge funds he ran. The defense says investors got their original investments back and even made hefty profits.
The 34-year-old Shkreli is notorious for jacking up the price of a life-saving drug and for his snide “Pharma Bro” persona online.
Shkreli faces eight counts of securities fraud, conspiracy to commit securities fraud and conspiracy to commit wire fraud.
If convicted of the most serious counts, he could face up to 20 years in prison but likely would receive far less time under sentencing guidelines.
___
9: 30 a.m.
Jurors are deliberating for a fifth day at the federal securities fraud trial of former pharmaceutical company CEO Martin Shkreli (SHKREL’-ee) .
They got the case Monday and were still grappling with it Friday in New York City.
Prosecutors say Shkreli looted his drug company to pay back investors in two failed hedge funds he ran. The defense says investors got their original investments back and even made hefty profits.
The former biotech CEO, nicknamed “Pharma Bro, ” is best known for hiking up the price of a life-saving drug and for trolling his critics on social media.
If convicted of the most serious charges, he could face up to 20 years in prison but likely would receive far less time under sentencing guidelines.
Sign up today for a free 30 day free trial of unlimited digital access.
