The infamous ‘Pharma Bro’ Martin Shkreli is finally being dealt some justice for all of the crappy things he’s done over the last few years. On Aug. 4, he was found guilty of securities fraud for what prosecutors called a ‘Ponzi scheme.’
Wow! Martin Shkreli, 34, who became famous (and hated) for jacking up the price of a life-saving AIDS drug 5000%, has been convicted. The pharmaceutical CEO was found guilty of three counts of securities fraud and conspiracy to commit securities fraud. The jury of seven women and five men agreed that the evidence proved that Martin drained funds from his firm Retrophin to compensate the investors of his unsuccessful hedge funds, according to NY Post. He also reportedly lied to these investors, telling them he graduated from Colombia, that the hedge funds were profitable, and that he hired an auditor. See pics of Martin, here.
The young mogul is now facing 20 years in prison as his sentence, although Washington Post reports that legal experts say chances are he will get much less. He reportedly looked stunned when he heard the first guilty verdict, and his father appeared distraught as well, hanging his head in his hands from the front row. Despite his initial reaction, Martin seemed in better spirits outside of the courtroom following the decision. “We’re delighted in many ways,” he explained, since he was found not guilty on the other 5 counts. “This was a witch hunt of epic proportions. They may have found some broomsticks.”
Martin’s lawyers argue that despite the lies, he did make his investors millions of dollars, fair and square. Assistant U.S. Attorney Jacquelyn M. Kasulis disagrees. “Just because the defendant got lucky and Retrophin became a success years later” that doesn’t excuse fraud, she told the jury. “Martin Shkreli doesn’t think the rules doesn’t apply to him, that the law doesn’t apply to him unfortunately for him, it does.” The jury spend five weeks listening to testimony and wading through evidence, and in the end they agreed with Ms. Kasulis.
HollywoodLifers, do you think that Martin deserved the guilty verdict he got? Let us know!