'Pharma bro' Martin Shkreli convicted on 3 counts of fraud

A man named Martin Shkreli. This Martin Shkreli who is charged with money laundering was arraigned in the same courtroom and by the same judge as the Martin Shkreli

After MSMB Capital collapsed in early 2011, Shkreli continued to send out statements to investors, pretending the fund was still making money despite the fact that it was entirely broke.

Normally, a securities fraud trial wouldn't merit this kind of interest, but Shkreli has been a notorious figure ever since he raised the price of a toxoplasmosis drug back in September 2015 from $13.50 a tablet to more than $700. Shkreli, a brash 34-year-old best-known for his belligerent personality and for hiking the price of a life-saving drug, Daraprim, while CEO at Turing Pharmaceuticals.

The trial "has exposed Martin Shkreli for who he really is - a con man who stole millions", added another prosecutor. According to the complaint, he also issued stock and made cash payments from Retrophin (disguised as payments for consulting services) to disgruntled investors in the hedge funds who were threatening to sue.

After almost a week of deliberations, a jury found Shkreli guilty of three of eight counts of securities and wire fraud.

A center of [attorney Benjamin] Brafman's defense was that Mr. Shkreli didn't intend to commit fraud, and he said in his closing argument that "good faith can, in this case, be a complete defense to every one of the charges".

"This was a witch hunt 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", Shkreli told reporters.

Shkreli then started a firm, Retrophin, which he used to pay back his MSMB investors.

Before being convicted, Shkreli referred to the prosecutors in the case as "junior varsity", a comment that resulted in the judge banning him from talking about the case in or around the courthouse.

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