'I Think I Can Get Probation.' Martin Shkreli Unshaken After Fraud Conviction

by Ben Pena August 6, 2017, 0:31
'I Think I Can Get Probation.' Martin Shkreli Unshaken After Fraud Conviction

Sheepshead Bay's least-favorite son - "Pharma Bro" Martin Shkreli - was convicted of fraud on August 4, but the "Most Hated Man America" still left the Brooklyn federal courthouse smirking, since the 12-person jury threw out most of the eight charges, including the most damning. The verdict will be read Friday afternoon. The public was not mollified by this excuse, however, and Shkreli was derisively labeled a "pharma bro". He ran the two funds between 2009 and 2014, prior to becoming the CEO of Turing Pharmaceuticals. "We think verdict as it now stands, will permit this court to impose very lenient sentence", Brafman said.

Brooklyn, New York, federal court, after a long more than a month trial, finally Martin Shkreli was charged on the fifth day of the jury consideration.

Wearing a short-sleeved dark polo shirt and khaki jeans, Shkreli flashed his trademark smile as he and his lawyers held an off the cuff news meeting outside the courthouse. Prosecutors contended he told investors "lies upon lies" during his scheme, although investors ultimately made money.

Shkreli was arrested in late 2015 on securities charges.

And honestly, we could go on for hours posting all of the incredible reactions to Shkreli's conviction, but sometimes simplicity is best.

Martin Shkreli, also known as "Pharma Bro", was dealt some justice after all of the legal loopholes he has used to increase the price of a life-saving HIV drug. One of his hedge funds lost virtually all its money on a single bad investment, but Shkreli sent out fake statements to investors showing that the fund still had plenty of money.

Perhaps more interesting than the guilty verdict is how Mr. Shkreli reacted to the conviction.

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If convicted of the most serious counts, he could face up to 20 years in prison but likely would receive far less time under sentencing guidelines.

A still from Martin Shkreli's postverdict YouTube live stream.

"Count seven was the government's attempt to theorize that I robbed Peter to pay Paul, and the jury has spoken conclusively that Retrophin was not defrauded in this case", Mr. Shkreli told reporters.

After the conviction, Shkreli said that he was he was glad to be exonerated on numerous charges and "we're delighted in many ways".

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

They got the case Monday and were still grappling with it Friday in New York City.

Nonetheless, Shkreli faces up to 20 years in federal prison.

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