Is Martin Shkreli Guilty? "Pharma Bro" Was Charged With Fraud

Martin Shkreli arrives at the U.S. District Court for the Eastern District of New York

Eccentric former pharmaceutical CEO Martin Shkreli, dubbed "the most hated man in America", has been convicted of fraud for deceiving investors in a pair of failing hedge funds.

"This was a hard case primarily because of the anti-Shkreli sentiment, and to the extent that this jury acquitted Martin of five of eight counts, it is a real testament to trial by jury", said Shkreli's lawyer, Benjamin Brafman, in a statement outside the courthouse after the ruling.

Jurors found Shkreli guilty of two counts of securities fraud and one count of conspiracy, but acquitted him of five other conspiracy counts he had faced.

His defense argued that Shkreli did not have "fraudulent intent" to rip off investors.

A federal jury found notorious "Pharma bro" Martin Shkreli guilty of multiple criminal charges Friday. Mostly, he was blowing it with disgusting stock picks, forcing him to cook up a scheme to recover millions in losses, they said.

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

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.

"Who lost anything? Nobody", defense attorney Ben Brafman said in his closing argument. Investors took the witness stand to accuse Shkreli of keeping them in the dark as his scheme unfolded.

Some investors had to admit on the witness stand that partnering with Shkreli was "the greatest investment I've ever made", he added.

Shkreli became a lightning rod in 2015 when Turing bought the rights to sell Daraprim, a drug available since 1953 to treat a parasite infection, to $750 a pill. He faces up to 20 years in prison once sentenced.

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