Pharma Bro Guilty On 3 Of 8 Counts

NEW YORK (AP) – Former pharmaceutical CEO Martin Shkreli has been convicted on federal charges he deceived investors in a pair of failed hedge funds.

A Brooklyn jury deliberated five days before finding Shkreli guilty on Friday on three of eight counts.

The 34-year-old Shkreli is notorious for a price-gouging scandal and for his snide “Pharma Bro” persona on social media, but the case focused on allegations that he blew investors’ money on bad stock picks before raiding his drug company of stock and cash to pay them back.

But the case was tricky for the government because wealthy investors conceded that Shkreli’s scheme actually succeeded in making them richer, in some cases doubling or even tripling their money.

Shkreli called the case “bogus.”

(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

 

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