'Pharma Bro' Martin Shkreli convicted of securities fraud in mixed verdict

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

He nearly immediately afterward used his new Twitter account, @samthemanTP, to comment on the outcome of the case, and also started a livestream on YouTube from his apartment.

"He's likely going to second guess his decision to not plea and he'll have a long time to think about it", said David Chase, a former prosecutor for the Securities and Exchange Commission.

The elder Shkreli and his partners are accused of laundering about $800,000 in drug money.

A defendant in a money laundering case has at least two things in common with "Pharma Bro" Martin Shkreli - the same name and the same judge. As he spoke, Shkreli smiled and cocked his head quizzically in mock confusion. The charges went back to the period between 2009 and 2014, when he was Retrophin CEO. "I'm delighted the jurty did its job ... maybe they found one of two broomsticks, but at the end of the day we were acquitted of the most important charges in this case".

Former drug company executive Martin Shkreli and attorney Benjamin Brafman exits U.S. District Court after Shkreli was convicted of securities fraud, in the Brooklyn borough of New York City, U.S., August 4, 2017.

Shkreli called the prosecution "a witch hunt of epic proportions". She has not set a date for sentencing.

Shkreli's lawyer agreed his client could be annoying but said his hedge fund investors knew what they were getting. But they acquitted him of five conspiracy counts, including conspiracy to steal from his old drug company, Retrophin Inc.

Prosecutors alleged that Shkreli repaid investors with cash and stock looted from his biotech company Retrophin, however he was cleared on charges relating to this.

However, the court's decision was hard to reach in view of the fact that some investors testified that they had indeed become richer through Shkreli. "Martin Shkreli was a visionary". Retrophin's board fired Shkreli as CEO and has since sued him for $65 million. "I'm still one of the richest New Yorkers and that won't change".

"Rest assured we will continue to investigate and prosecute those who engage in schemes to defraud such as this one", a senior prosecutor told reporters Friday after the verdict was returned.

Shkreli faces up to 20 years in prison.

They got the case Monday and were still grappling with it Friday in New York City. Vilified in the press, which took to calling him Pharma Bro, Shkreli came to symbolize extreme corporate greed. Two of them could result in sentences of up to 20 years each, and the third could result in a sentence of up to 5 years.

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