#MartinShkreli who is most known as the pharmacy exec who raise the price of a “lifesaving” drug from $13.50 to $750 has been found guilty on 3 out of 8 charges. The New York Times reports that Shrkeli was accused of wire fraud related to two of his hedge funds: MSMB Capital and MSMB Healthcare.

When it comes to how much time he’ll be servings, Shkreli faces 20 years per charge, making a combined total of 60 years in federal prison. He said that he was “delighted” with the verdict. “This was a witch hunt of epic proportions, and maybe they found one or two broomsticks,” he said.

Via NY Times:

“He was acquitted of counts one and two, conspiracy to commit securities fraud and conspiracy to commit wire fraud regarding MSMB Capital; counts four and five, the same charges with MSMB Healthcare; and count seven, conspiracy to commit wire fraud with regard to defrauding Retrophin by using funds from it to pay MSMB investors.

Count seven carried the most weight for sentencing, charging Mr. Shkreli with defrauding Retrophin by creating sham consulting agreements and unauthorized settlement agreements to pay back MSMB investors. This may be the most important in terms of his sentence because it was associated with the biggest loss, which judges take into account when deciding sentences in fraud cases, said Benjamin Brafman, Mr. Shkreli’s lawyer.”

 

Do you think Martin will actually serve all of that time in prison? Tell us in the comments!

 

TSR STAFF: Talia O. @theclosetratchet on IG, @tallyohhh on Twitter
Source: https://mobile.nytimes.com/2017/08/04/business/dealbook/martin-shkreli-guilty.html

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