Shkreli found guilty of fraud

Posted on 04 Aug 2017 at 2:04pm

Martin Shkreli

Martin Shkreli has been found guilty on three counts of fraud and faces years in prison when he’s sentenced.

Shkreli became infamous in 2015 when he obtained the license to manufacture the drug Daraprim, used in people with AIDS to fight a parasite, then raised the price from $13.50 per pill to $750. The charges are unrelated to his raising the price of Daraprim while he was CEO of Turing Pharmaceuticals.

He was found guilty on three of eight counts, including one count of conspiracy to commit securities fraud and two counts of securities fraud.

According to CNBC, “Prosecutors said a mountain of testimony and evidence at trial showed that Shkreli duped multiple investors into putting millions of dollars into two hedge funds he ran, MSMB Capital and MSMB Healthcare, by falsely claiming to have an excellent record of running such funds, and by falsely stating his investment strategy had a low level of risk.”

 

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