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.
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.