America's 'most hated man' Shkreli convicted of securities fraud
06 August, 2017, 00:28 | Author: Elaine Woods
It took almost five days of deliberation for a jury of seven women and five men in NY federal court to convict Shkreli of three of the eight counts he faced, acquitting him all charges related to wire fraud. "United Kingdom -based commenter "@1andrewfenton" suggested that prison guards charge Shkreli $1,000 per pill "if he goes to jail and requests an aspirin for a headache".
"When you lie to people knowingly and intentionally to get their money, it's a crime", federal prosecutor Jacquelyn Kasulis said in closing arguments July 28.
Attorney Ben Brafman made the claim during closing arguments in federal court in NY.
But the jurors did not find him guilty of one serious charge: That Shkreli had looted a pharmaceutical he founded, Retrophin, of $10 million, to repay investors.
He was also known for his sometimes hours-long live streams on YouTube that often showed him engaged in mundane occupations such as petting his cat, although he also gave financial and chemistry lessons in the videos.
"I think we are delighted in many ways", said Shkreli said outside of the courthouse. 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).
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Shkreli came to national attention after he purchased rights to a life-saving drug, Daraprim, in 2014, where he promptly raised the price from $13.50 to $750 per pill, leading him to be referred to as "the most hated man in America" and "pharma bro".
"An administrative professional who uses Twitter name "@icterid" joked that Shkreli would be working at the White House soon", trolling a Shkreli post on Facebook last week that he was "in for comms director" after Anthony Scaramucci's short stint in that White House post. He now faces a 20-year sentence in prison after being out on bail for 5 million dollars. He joked that maybe prosecutors "found one or two broomsticks".
Asked about his client's social-media antics, attorney Ben Brafman said it was something they would be working on. "This trial has been a difficult voyage for all of us, and it was a difficult voyage because it was a difficult case", Brafman said.
Shkreli was convicted Friday of three of eight counts against him.
Shkreli additionally told columnists he would proceed with his own claim against Retrophin, saying his part as CEO there might have been "ended by some bad on-screen characters", and that the organization at the focal point of the securities misrepresentation case would "be keeping in touch with me a vast check later on".
"I'm going to focus not on what people say about me, I'm going to focus on how much more can I learn about medicinal chemistry", he said. He told her "I don't think you understand pharmaceuticals".
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