Martin Shkreli convicted of securities fraud after jury deliberates for 5 days
While some investors testified against Shkreli for deceiving them, others said the eccentric former pharma CEO made them rich, Washington Post said.
Embattled former pharmaceutical CEO has been convicted on federal charges he lied to investors in two failed hedge funds. The verdict was announced Friday after a Brooklyn jury deliberated for five days, according to the Washington Post.
Shkreli, often referred to as "Pharma Bro" because of his social media presence, was convicted on three of eight counts. He had been charged with securities fraud, conspiracy to commit securities fraud and conspiracy to commit wire fraud.
Shkreli had been accused of repeatedly lying to investors about how he was handling their money. According to the Post, prosecutors said he "was blowing it with horrible stock picks, forcing him to cook up a scheme to recover millions in losses."
Shkreli was arrested in back 2015 on charges he used $11 million in stock and cash from another drug company he started called Retrophin to repay hedge fund investors. Some investors testified against him, accusing him of covering up his activities and stonewalling them as his scheme played out, the Post said.
However, other wealthy financiers actually testified Shkreli made them rich, making the case a tricky one for the government.
The 34-year-old former pharma exec did not testify, and was verbally reprimanded by a judge after attacking prosecutors via social media and ranting to reporters, the Post said.
Twitter: @BethJSanborn
