'Pharma Bro' Martin Shkreli convicted in fraud trial

Saturday, 05 Aug, 2017

He spoke afterward though, livestreaming from home throughout much of the five-week trial and saying things like this: "I'm so innocent, the jury, judge and the prosecution are gonna give me an apology". It was much, much smaller in scale but eerily familiar in technique to anyone familiar with the business playbook of Bernie Madoff (now in prison for fraud after getting a 150-year sentence).

That increase sparked outrage from US lawmakers and patients - and earned Shkreli the nickname "Pharma bro". "I think there's a decent chance that there's a complete vacation of the charges for any sentence".

But Shkreli was acquitted of that charge, conspiracy to commit wire fraud, which Brafman referred to as "the money count".

Federal prosecutors accused the hedge fund executive of cheating investors out of $11 million between 2009 and 2014, lying to investors about fund performance and using investor capital for personal uses.

Shkreli called the case "bogus". One financial specialist said Shkreli helped him to remember the Dustin Hoffman character in "Rain Man". "And some of this s-- stuck".

Embattled former pharmaceutical CEO has been convicted on federal charges he lied to investors in two failed hedge funds. On Friday, Brafman - whose famous clients have included disgraced International Monetary Fund boss Dominique Strauss-Kahn - suggested that Shkreli could even avoid jail time.

Poking fun at another of Shkreli's outlandish actions - paying a reported $2 million for the lone copy of a Wu-Tang Clan album - the online news site Mashable tweeted that fans of the hip-hop act "everywhere rejoice".

When asked by reporters if he used Twitter, the older Shkreli said he didn't "need that kind of fame", according to the New York Post's Emily Saul. "They reached a complicated verdict", Shkreli said, somewhat breezily, before bantering with Moynihan about his having raised the price of a lifesaving drug by 5,000 percent in 2015. The medical community, the Congress and even then presidential candidates Bernie Sanders and Hillary Clinton criticized him as "greedy".

"We're not presenting a defense of insanity, but every single witness told you they don't see Martin as normal", he went on. "I think it's all random noise, the system can't be controlled by one person".

"I wish you well, Mr. Shkreli", Matsumoto said as journalists rushed out of the room to report the news.