Martin Shkreli Speaks out Guilty Verdict

A man named Martin Shkreli. This Martin Shkreli who is charged with money laundering was arraigned in the same courtroom and by the same judge as the Martin Shkreli

A NY jury deliberated for five days before finding Shkreli guilty of three out of eight counts against him.

After his indictment, Shkreli used Twitter and Periscope to livestream himself playing video games in his pajamas and chronicle trips around NY to about 200,000 followers.

After the conviction, Shkreli said that he was he was glad to be exonerated on numerous charges and "we're delighted in many ways".

"He's likely going to second guess his decision to not plea and he'll have a long time to think about it", said David Chase, a former prosecutor for the Securities and Exchange Commission.

Shkreli was accused of securities and wire fraud related to two hedge funds he ran, MSMB Capital and MSMB Healthcare.

Brafman said that while Shkreli's statements to investors were not always true, he made them in good faith. Shkreli called the fraud charges "bogus".

"I'm delighted that the jury did their job", he told reporters outside court, dressed in a dark polo shirt and thanking his star defence attorney Ben Brafman, calling him the "greatest lawyer on the planet". As he spoke, Shkreli smiled and cocked his head quizzically in mock confusion. Three-hundred potential jurors were dismissed during jury selection, with many reprimanding Shkreli, including one who, when asked why he couldn't serve, said, "Honestly?" "Maybe they found one or two broomsticks", he said.

Former pharmaceutical company CEO Martin Shkreli, right, walks out of federal court with members of his legal team, Thursday, Aug. 3, 2017, in NY. In one recent post, he wrote, "My case is a silly witch hunt perpetrated by self-serving prosecutors". Noting the sentencing judge has "enormous discretion" to sentence Shkreli, Brafman was hopeful that the convictions against his client might be considered legally tenuous.

No sentencing date was set. As with Madoff, Shkreli's reputation apparently inspired investors, who wanted to put money into the young wiz's hedge fund.

This is the note we needed to go out on this Friday, after an absolutely bonkers week of news in a world where it seems that everything that could go wrong has: "pharma bro" Martin Shkreli has been convicted for deceiving hedge fund investors. He was also charged with repaying the investors with money looted from Retrophin, a pharmaceutical company he founded and headed.

This is what Martin Shkreli looks like. Under cross from the defense, he said his $1.25 million investment with Shkreli paid off, largely through an agreement in which Shkreli gave him shares in his drug company Retrophin Inc.

The jury in New York City has deliberated five days. The 34 year-old gained notoriety for raising the price of a potentially life-saving drug by 5,000 percent.

Shkreli was convicted of a jury of seven women and five men. But hey, you've gotta take the wins where you can get them.



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