Shkreli found guilty of fraud


After almost five full days of jury deliberations, Martin Shkreli has been found guilty of three counts of securities and wire fraud.

Of the eight counts, Shkreli was found guilty of three.

Former drug company executive Martin Shkreli has been convicted of fraud by jurors in a USA court after a highly publicised, month-long trial.

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Before going on trial, Shkreli had been best known for raising the price of anti-infection drug Daraprim by 5,000 percent in 2015 as chief executive of Turing Pharmaceuticals. The charges for this trial weren't related to the price hike; they were about events from earlier in his career while he managed hedge funds. Prosecutors said that Shkreli arranged to pay the defrauded MSMB investors "by creating fake agreements making it look like the investors were consulting for Retrophin, or signing settlement agreements requiring Retrophin to pay the investors, when Retrophin had no such responsibility".

They argued that he lied to investors at MSMB Capital and MSMB Healthcare about how well the funds were doing, and that he used money from Retrophin as a piggy bank to pay off MSMB investors, and to cover personal loans and other debts.

"You may not like Martin Shkreli", Shkreli's lawyer Ben Brafman said in the case's opening statement. Get twice-daily updates on what the St. Louis business community is talking about.