Martin Shkreli Guilty of Fraud
Pharmaceutical CEO Martin Shkreli has been found guilty of fraud and could face prison time. Several years of prison time.
The pharmaceutical CEO was convicted on three of eight charges against him. You’ll remember this douche nozzle first gained notoriety after hiking the price of drug Daraprim (treats AIDS and cancer patients) from $13.50 to $750 for a single pill in 2015.
Shkreli purchase the only existing copy of Wu-Tang Clan’s “The Wu – Once Upon A Time In Shaolin” for $2M. He also claimed to have bought Lil Wayne’s “Tha Carter V”. And remember in 2017, he leaked an unreleased track from Lil’ Wayne, which featured Kendrick Lamar.
Shkreli has been convicted on three of the eight charges including securities fraud and conspiracy to commit securities fraud and wire fraud in relation to two hedge funds he ran.
The trial lasted five weeks. Shkreli was facing up to 20 years in prison if convicted on all 8 charges against him. Before the trial, he said he was “so innocent” that the judge, jury and prosecutors would apologize to him afterwards.
“When you lie to people knowingly and intentionally to get their money, it’s a crime,” federal prosecutor Jacquelyn Kasulis told jurors in her closing arguments last week (July 28). “And that is exactly what Martin Shkreli did. He knowingly lied over and over again to his investors.”
Shkreli will be sentenced at a later date, which is yet to be announced.