Economy

Two Martin Shkrelis meet same judge in same Brooklyn courthouse

Two Martin Shkrelis meet same judge in same Brooklyn courthouseā€

You may remember Martin Shkreli as the pharmaceutical CEO who acquired the drug Daraprim and immediately raised the price of a single dose from $13.50 to $750.

Also chiming in after the verdict, Lauren Duca, a freelance journalist whose TeenVogue opinion piece critical of President Trump caught the attention of Shkreli. "Maybe they found one or two broomsticks", he said.

Matsumoto postponed setting a sentencing date, after Brafman noted that the defense also will be filing a motion asking her to overturn the jury's guilty verdicts. Prosecutors contended he told investors "lies upon lies" during his scheme, although investors ultimately made money. He had been indicted on eight wire and securities fraud counts by federal prosecutors and could face years in prison after sentencing.

But he is sure to receive a far-less-severe punishment than that, given his lack of a criminal record, and other factors.

He quoted one witness who compared Shkreli to the Dustin Hoffman character in Oscar-winning 1988 movie "Rain Man", and said he battled depression and anxiety.

Shkreli called the prosecution "a witch hunt of epic proportions". The Washington Post reveals that despite Shkreli's initial, shock-filled reaction, he's somehow seeing this as good news?

"Who lost anything? Nobody", said Ben Brafman, the defense attorney, in his closing argument.

Sounds like a pretty clear-cut case of justice being served.

Federal prosecutors had accused the 34-year-old New Yorker of lying to investors in the funds and looting Retrophin to pay them back. He faces up to 45 years in prison-20 years each for the securities-fraud charges and up to five years on the conspiracy count.

"I'm going to focus not on what people say about me, I'm going to focus on how much more can I learn about medicinal chemistry", he said.

Martin Shkreli with his attorneys speaking to reports after his trial.

According to the courts, Martin Shkreli defrauded investors by claiming that his startup MSMB Capital was worth $100 million when, in reality, the Brooklyn native only had about $330 in the accounts. He repaid them with stock and cash that he took from Retrophin.

Martin Shkreli, who became talk of the pharmaceutical industry after massively increasing the price of a Cancer and HIV drug, has been convicted on securities fraud charges.



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