Martin Shkreli, the ec­cen­tric for­mer phar­ma­ceu­ti­cal CEO no­to­ri­ous for a price-goug­ing scan­dal, was con­victed late last week on fed­eral charges he de­ceived in­vestors in a pair of failed hedge funds.

Modern Healthcare - - LATE NEWS -

Pros­e­cu­tors had ac­cused Shkreli of telling “lies upon lies,” in­clud­ing claim­ing he had $40 mil­lion in one of his funds when it only had about $300 in the bank. The trial “has ex­posed Martin Shkreli for who he re­ally is—a con man who stole mil­lions,” prose­cu­tor Jac­que­lyn Ka­sulis said. But the case was tricky for the gov­ern­ment be­cause in­vestors tes­ti­fied that Shkreli’s scheme ac­tu­ally suc­ceeded in mak­ing them richer, in some cases dou­bling or tripling their money on his com­pany’s stock when it went pub­lic. The de­fense por­trayed them as spoiled “rich peo­ple” who were the ones do­ing the ma­nip­u­lat­ing.

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