Jury Convicts Martin Shkreli of Fraud
Martin Shkreli, the eccentric former CEO of Turing Pharmaceuticals, who made headlines in 2015 by jacking up the price of Daraprim (pyrimethamine), a 62-year-old drug used to treat toxoplasmosis, from $13.50 to $750 per pill, was convicted of fraud on Aug. 4.
After a four-week trial, the jury in Brooklyn, New York, found the 34-year-old guilty on three out of eight counts of fraud, two of which could carry a maximum sentence of 20 years in prison.
Shkreli, who founded Turing and another drugmaker, Retrophin, and was also CEO of KalaBios as well as two hedge funds, was arrested in December 2015 on charges he defrauded investors in the funds.
The former pharmaceutical manager – who did not testify – was acquitted of five other related counts. He continues to be free on $5 million bail until sentencing – which has not yet been scheduled. In closing arguments, one of the prosecutors said Shkreli told "lies upon lies," and another called him “a con man who stole millions."
Shkreli, who used the social media handle “Pharma Bro”, called the trial “a witch hunt of epic proportions.” In a YouTube live stream, he told viewers: “The punishments are going to be close to nil.”
Reports said the prosecutor’s case was made more difficult as many of the hedge fund investors ultimately made back much more than their initial investments.
