Martin Shkreli Convicted Of Securities Fraud And Conspiracy By Jury

International News, News

Financial wonder kid Martin Skhreli has been convicted of two counts of securities fraud and one count of conspiracy by a Brooklyn jury after almost two years of trial. The jury took 5 days to deliberate on the sentence and found him guilty of 3 of the 8 charges brought against him. Martin Skhreli gained international notoriety after jacking up the price of Aids medication “Daraprim” from 13.50$ to 750$, a drug made by pharmaceutical company Retrophin.

Martin Skhreli

Martin Skhreli was accused of mismanaging three investment funds, MSMB Capital, Elea Capital and MSMB Healthcare. The prosecutors claimed that Martin mismanaged the funds and lied to the investors about the financial health of the funds. He was also accused of using money from Retrophin to pay off his personal debts and investors in the MSMB funds. The total amount of fraud amounted to almost 11 million USD. After the verdict, Martin called this trial, “a witch hunt of epic proportions,” and the convictions, “maybe they found one or two broomsticks.”

Nicknamed the “Pharma Bro” for his swagger, gestures and volatile use of social media, Martin has been the focus of the masses for a long time. Enjoy some of his best moments from this trial:

 

 

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Soumyajit DasMazumdar
Soumyajit is an SAP technical consultant with a flair for writing. An avid blog reader, he started off with a free WordPress blog and slowly moved to his own personal news and blog site. Apart from writing he loves reading books, playing table tennis and long bike trips. He is currently trying to learn playing guitar and failing miserably.

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