"Pharma Bro" Has Been Convicted

Politics News Martin Shkreli
Share Tweet Submit Pin
"Pharma Bro" Has Been Convicted

The man dubbed “Pharma Bro,” Martin Shkreli, has officially been found guilty of three separate charges today, NBC reports. Though charged with eight different crimes including conspiracy to commit both securities fraud and wire fraud, Shkreli was found not guilty of five of them.

The other three? Conspiracy to commit securities fraud, and two counts of actual securities fraud. As such, he’s expected to face up to 20 years in prison upon sentencing. Apparently Shkreli’s $2 million purchase of Wu-Tang Clan’s only copy of Once Upon A Time In Shaolin was not among the charges brought against him.

Shkreli has been convicted of lying to several investors in an effort to convince them to invest in his two hedge funds. To do this, Shkreli lied about having an “excellent track record” of running similar hedge funds, and falsely claimed his particular investment strategy was a low-risk one. After losing a bunch of money quickly—and investing in his own pharmaceuticals company, Retrophin—Shkreli continued to send out false statements to investors claiming they were making money. When investors asked for their money back, he would avoid them.

Sounds like a pretty clear-cut case of justice being served. Enjoy your schadenfreude, world.

Recently in Politics