Martin Shkreli AKA ‘Pharma Bro’ Found Guilty Of Securities Fraud And Conspiracy

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. In this case, however, it wasn’t increasing the price of the drug by 5,000 percent that got him in trouble. Instead, he defrauded investors of more than $11 million in what prosecutors call a Ponzi scheme.

The first two counts carry a prison sentence of up to 20 years, while the count of securities fraud will get him an additional five years. It looks like those who were hoping for justice after he let people die to line his pockets are finally seeing it.

The drug company CEO is accused of draining funds from his company Retrophin in order to pay back investors from his failed hedge funds, MSMB Capital Management and MSMB Healthcare.

According to the courts, Martin Shkreli defrauded investors by claiming that his startup MSMB Capital was worth $100 million when, in reality, the Brooklyn native only had about $330 in the accounts. After losing much of the money in bad trades, his investors began to ask for their money back, so he paid them off from his drug firm, Retrophin, which owned the ridiculously expensive HIV/AIDS drug.

Shkreli was convicted of a jury of seven women and five men. And although his Retrophin controversy had nothing to do with this current controversy, it was reported that they had trouble finding jurors to serve who did not already have a bias against Shkreli. After hearing about his Retrophin and increasing the price, many people had already decided against him and said that they wouldn’t sit on a jury where they were supposed to be impartial. Some potential jurors even described Martin Shkreli as a “d**k,” in addition to other derogatory words and language.

It is reported that he looked “absolutely stunned” at the guilty verdict, as he didn’t expect to be ruled against. Although he faces up to 25 years in prison for his crimes, most suspect that he will be dealt far less once his sentencing occurs.

The prosecuting attorney in the case stated that Martin Shkreli simply doesn’t think the rules apply to him.

[Featured Image by Seth Wenig/AP Images]