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.
Martin Shkreli was accused of duping his hedge-fund investors and charged with ripping off the drug company he founded to repay investors. He was found guilty of 3 of 8 charges by a Brooklyn Court on Friday afternoon, reports NY Times. A federal jury Friday found the notorious Shkreli guilty of three counts of securities fraud but acquitted him of five other crimes related to hedge funds. He is facing up to 20 years in prison.
Shkreli’s trial in federal court focused on prosecutors’ claims that he misled investors who had placed money into his hedge funds. After the business did not do well, prosecutors said that he misused funds from another drug company he led, called Retrophin, to pay off the hedge fund investors. The man has been a conversation in Hip-Hop circles too as he claimed to own several high profile albums including the much awaited Tha Carter V by Lil Wayne. In May this year, he previewed an alleged Weezy and Kendrick collab called ‘Mona Lisa’ live on camera. Before that, he also played some unreleased music from Wu-Tang Clan from their album Once Upon a Time in Shaolin, after paying a reported $2 million to acquire it.