Martin Shkreli Found Guilty On Several Counts Of Fraud
00:30, Aug 6, 2017
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Prosecutors had a different take.
Also chiming in after the verdict, Lauren Duca, a freelance journalist whose TeenVogue opinion piece critical of President Trump caught the attention of Shkreli.
Mr. Brafman said that Mr. Shkreli's statements to investors were made in good faith.
Prosecutors said he kept making awful stock picks which forced him to cook up schemes to recover millions in losses.
At one point he claimed he had $40 million in one of his hedge funds when it had only $300 in the bank, NBC New York reported on Friday.
John Zach, a former federal prosecutor who is now a defense lawyer at the law firm of Boies Schiller Flexner, said the fact that investors did not lose money could help Mr. Shkreli get a lighter sentence. After lying to them about the state of their investments, prosecutors say, Shkreli siphoned off millions of dollars from a pharmaceutical company named Retrophin, where he was CEO, to cover his debts.
"Who lost anything? Nobody", defense attorney Ben Brafman said in his closing argument. Shkreli, 34, faces up to 20 years in prison. Several potential jurors were kept off the panel after expressing disdain for the defendant, with one calling him a "snake" and another "the face of corporate greed".
Shkreli was on his YouTube channel chatting with fans and sparring with a reporter after Friday's verdict.
But Duca is far from the only person revelingin schadenfreude-including those upset over Shkreli's $2 million purchase of the only copy of Wu-Tang's Once Upon A Time In Shaolin.
Shkreli was accused of securities and wire fraud related to two hedge funds he ran, MSMB Capital and MSMB Healthcare. "They reached a complicated verdict", Shkreli said, somewhat breezily, before bantering with Moynihan about his having raised the price of a lifesaving drug by 5,000 percent in 2015.
"I think we are delighted in many ways".
Shkreli also lied to his investors about graduating from Columbia University, that his hedge fund was profitable and that he hired an auditor. And they gave him money. Why? "W$3 e are 90 percent pleased".
However, other wealthy financiers actually testified Shkreli made them rich, making the case a tricky one for the government. "My case is a silly witch hunt perpetrated by self-serving prosecutors", he had once said on Facebook. The decision was announced during the afternoon inside the federal Brooklyn courtroom. Brafman said. "I feel like a lifeguard, a lifeguard on a beach, not at a swimming pool".
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