06 August, 2017
That increase sparked outrage from USA lawmakers and patients - and earned Mr. Shkreli the nickname "Pharma bro". Prosecutors had a different take.
Shkreli was dressed in a short-sleeve polo shirt and shook his head in apparent disbelief when the first guilty verdict was read.
Shkreli had been accused of repeatedly lying to investors about how he was handling their money. Mostly, he was blowing it with disgusting stock picks, forcing him to cook up a scheme to recover millions in losses, they said. "He knew exactly what he was doing", she added, having previously described him as "a con man who stole millions".
"Who lost anything? Nobody", defense attorney Brafman said in his closing argument.
Shkreli didn't stand firm in his own particular protection, rather squeezing his case via web-based networking media - which has been the two his stage and his demise. He faces up to 20 years in prison for the convictions, although legal experts were quick to point out he is unlikely to serve that much time.
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Matsumoto did not set a sentencing date. Several potential jurors were kept off the panel after expressing disdain for the defendant, with one calling him a "snake" and another "the face of corporate greed".
Shkreli also claimed to have unreleased music from bands such as The Beatles, Nirvana, and Brand New, but so far has not released anything.
Poking fun at another of Shkreli's outlandish actions - paying a reported $2 million for the lone copy of a Wu-Tang Clan album - the online news site Mashable tweeted that fans of the hip-hop act "everywhere rejoice". After the operations went south, prosecutors said Shkreli misused funds from another drug company he led, called Retrophin, to pay off the hedge fund investors.
"I think this verdict is a reasonably good verdict under the circumstances", he said. As with Madoff, Shkreli's reputation apparently inspired investors, who wanted to put money into the young wiz's hedge fund. He joked that maybe prosecutors "found one or two broomsticks". He stopped speaking to reporters after that but still popped up on Twitter, which banned him earlier this year, to tease them under an pseudonym. In this case, however, it wasn't increasing the price of the drug by 5,000 percent that got him in trouble.
Regarding his conviction, Shkreli said, "We have some work to do..." Afterwards, he called the whole thing "a witch hunt of epic proportions!"
Pharma bro Martin Shkreli was not present in the courtroom when his namesake was arraigned.
"I'm going to focus not on what people say about me, I'm going to focus on how much more can I learn about medicinal chemistry", he said. "They blame me for capitalism".