Martin Shkreli Convicted of Securities Fraud

Former hedge fund manager and pharmaceutical CEO Martin Shkreli convicted of securities fraud.

Martin Shkreli, the former pharmaceutical CEO best known for a 2015 price-gouging scandal, was convicted Friday on two counts of securities fraud and one count of conspiracy to commit securities fraud.

He was found not guilty on five other counts in the case: three counts of conspiracy to commit wire fraud and two counts of conspiracy to commit securities fraud.

He faces as much as to 20 years in prison.

Shkreli said during a press conference after the jury’s announcement that he was “delighted by the verdict” since he was found not guilty on a key charge regarding his former drug company Retrophin.

“This was a witch hunt of epic proportions,” Shkreli said. “Maybe they found one or two broomsticks, but at the end of the day we’ve been acquitted of the most important charges in this case, and I’m delighted to report that.”

 

After being found guilty on two counts of securities fraud and one count of conspiracy to commit securities fraud, Marin Shkreli launched into a trademark Youtube livestream.

Shkreli took questions from fans, streamed an interview with a New York Daily News reporter, and talked about everything from a possible appeal of the case to his one-of-a-kind Wu Tang Clan album.

Shkreli said it was a “50-50” chance he would be sentenced to prison — he faces up to 20 years — but was also upbeat about possibly getting the charges dismissed.

“I think I can get probation,” Shkreli said. “There’s a decent chance there’s a complete vacation of the charges.”

Shkreli was found not guilty on five other counts. The most serious of the charges, Shkreli and his lawyer argued Friday, was one alleging he paid back investors in his hedge fund using money from his former biotech firm, Retrofin. Shkreli was found not guilty on that charge.

“When you throw spaghetti at the wall, some of it sticks,” Shkreli said. “And some of this s— stuck.”

The former hedge fund investor and pharma exec also said that he thought the judge in the case was fair and that some of the charges he was convicted on amounted to “the prosecution slipping some past the jury.”

Asked by a viewer why he thought the charges were brought up, Shkreli said it was simply prosecutors “trying to get famous.”

In addition to talking about his case, Shkreli talked about the exclusive Wu Tang Clan album he famously purchased. He said that he wouldn’t stream the album, but was in discussion with the rap group on where and when to possibly release the music.

Later in the stream, Shkreli let New York Daily News reporter Ellen Moynihan into his apartment. He continued to streamed the exchange, which became tense at times when the conversation turned to the infamous price increase of the life-saving drug Daraprim by Shkreli’s company, Turing Pharmaceuticals.

The interview came after Shkreli attacked the media and the Daily News, calling it “fake news.”

During the interview with Moynihan, Shkreli also expressed admiration for former Democratic presidential candidate Bernie Sanders and president Donald Trump.

Shkreli said that he liked Trump because he was a “troll,” but said the federal government has little influence on normal people’s lives.

“I think politics is the biggest charade,” he told Moynihan. “I think it’s all random noise, the system can’t be controlled by one person.”

“The idea that DJT cares about you, that people in Washington care about you… they don’t,” Shkreli said.

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