Martin Shkreli Found Guilty on 3 of 8 Fraud Charges

by mconvente – Hot off the presses.  Martin Shkreli, the infamous “Pharma Bro” who raised the price of the generic medicine Daraprim, which his company owned the rights to, from $13.50/pill to $750/pill overnight, has been found guilty by a jury of his peers on three of eight securities fraud charges.  Shkreli faces up to 20 years in prison. From the New York Times: Martin Shkreli, accused of defrauding his hedge fund investors and a pharmaceutical company, was convicted on three of eight counts on Friday, after a five-week trial in the Federal District Court in Brooklyn. He faces as much as 20 years in prison. The conviction, even as a mixed verdict, was a shattering defeat for the divisive Mr. Shkreli, who said before the trial that he was “so innocent” that the judge, jury and prosecutors would apologize to him afterward. Mr. Shkreli was accused of securities and wire fraud related to two...

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Just how did Shkreli get Busted? He Screwed Other Rich People

by trosen76 – The images this morning of uber post-modern mega-bro/libertarian Frankenstein’s monster Martin Shkreli being carted away in cuffs elicited reactions running the gamut from childlike bliss to sexual excitement. These reactions are understandable, and I admit I felt those same sort of visceral emotions when I saw these images. However, as I’m wont to do, my always underlying sense realism and cynicism led me to ask how exactly this came about. And the answer, while unsurprising, is every bit as depressing and infuriating as the climate that allowed Shkreli to flourish in his hedge fund-cum-life saving drug price gouging racket in the first place. First, what exactly did boy wonder get busted for? To make a long wonky story short, he lied to investors about the value of a company (one which employed the drug price gouging business “model” he’s (in)famous for). He did this in order to pay off...

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