'Pharma bro' Shkreli convicted of fraud in USA court, assails 'witch hunt'

A man named Martin Shkreli. This Martin Shkreli who is charged with money laundering was arraigned in the same courtroom and by the same judge as the Martin Shkreli

"I'm delighted the jury did its job ... maybe they found one of two broomsticks, but at the end of the day we were acquitted of the most important charges in this case", said Shkreli as quoted by CNBC.

Martin Shkreli, the quasi-imfamous "pharma bro" has been found guilty of three federal counts of securities fraud and was found not guilty on five additional counts. Those included conspiracy to commit securities fraud, and two counts of securities fraud.

Though he faces up to 20 years in prison, it has been speculated that his actual sentence will be lighter, given his lack of previous criminal convictions.

Die-hard Wu-Tang fans surely won't mind seeing this verdict, given how Shkreli's been waving around his multi-million dollar purchase for years.

Shkreli also lied to his investors about graduating from Columbia University, that his hedge fund was profitable and that he hired an auditor. Jurors saw what prosecutors described as sham consulting agreements Shkreli drafted as one of his many schemes to pay back investors.

"Justice has been served", said Acting United States Attorney Bridget Rohde. Enjoy your schadenfreude, world.

In the case of MSMB Capital Management, for instance, Shkreli claimed to have made returns of 35.77 percent since its inception, when in reality the fund was actually down 18 percent. Mr. Shkreli's attorney, Benjamin Brafman, citing his client's acquittal on the Retrophin charge, said Mr. Shkreli might avoid prison time or at least receive a "much, much lower" sentence than that contemplated by the government. He was found not guilty of five counts, including those related to wire fraud.

The elder Shkreli and his partners are accused of laundering about $800,000 in drug money. Immediately after the verdict, Mr. Shkreli appeared somewhat shaken.

He went on Twitter to label members of Congress "imbeciles" for demanding to know why his company, Turing Pharmaceuticals, raised the price of Daraprim, a drug used to treat toxoplasmosis and HIV, from $13.50 to $750 per pill.

After agreeing to continue Shkreli's $5 million bail, the judge told him: "I wish you well, Mr. Shkreli". But Martin Shkreli is not most federal felons.

Shkreli was on his YouTube channel chatting with fans and sparring with a reporter after Friday's verdict.

"There is an image issue that Martin and I are going to be discussing in the next few days", he said, adding that while Shkreli was a brilliant mind, sometimes his "people skills" need work.

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