Ex-hedge fund manager Martin Shkreli was found guilty on three of eight federal charges, and acquitted of five of the eight crimes, which were related to hedge funds and to a drug company that Shkreli owned.
After five days of jury deliberations and over a month-long trial, Shkreli was found not guilty on charges of conspiracy to commit securities fraud, conspiracy to commit fraud, three counts of conspiracy to commit wire fraud,
He was found guilty on two counts of securities fraud and a conspiracy to commit securities fraud.
New York prosecutors accused Shkreli of wire and securities fraud related to two hedge funds owned by the investor, and alleged that he defrauded “multiple investors” out of millions of dollars, reportedly repaying them with stock and cash from a drug company that he founded.
Shkreli faces a maximum prison sentence of 20 years.
About the outcome, Shkreli said, “I think we are delighted in many ways. 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.”
An hour after Shkreli’s hearing, he livestreamed more of his reaction from his YouTube account, where he drank a beer and claimed that his sentence would be “close to nil.”
Shkreli also shouted profanities and said “F**k ‘Pharma Bro’ … I can’t be ‘Pharma Bro’ in the box.”
He also noted that prison would be “Club Fed,” and that he would spend a few months playing basketball, tennis, and X-Box.
Shkreli was initially taken into custody in 2015 after reports of a securities fraud probe emerged.
Shkreli found infamy in 2015 after ratcheting up the price on a cancer and AIDS patient drug over 5000%.
He widely criticized after his Turing Pharmaceuticals announced an increase in the price of Daraprim — the only approved treatment for a life-threatening parasitic infection — from $13.50 to $750 per capsule after buying rights to sell the drug.