Martin Shkreli Is Found Guilty of Fraud

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Martin Shkreli was convicted of fraud on Friday, concluding a trial that drew international attention for the brash biotech entrepreneur’s reputation as a price gouger of life-saving medicines who hounded his critics online.  After a four-week trial and five days deliberation, the jury found Shkreli guilty on three out of eight counts of fraud. The 34-year-old risks up to 20 years in prison when he is sentenced but could serve a far shorter sentence or none at all. Shkreli was convicted on two counts of securities fraud and one count of conspiracy to commit securities fraud, although he was acquitted of five other counts, including the one that threatened the longest jail term under sentencing guidelines. Speaking on the steps of the federal court in Brooklyn, Shkreli said he was “delighted” at the outcome. He congratulated his lawyers for working “around the clock to get these five not guilty verdicts” and said “we have some work to do” on the other counts. He added: “This was a witch hunt of epic proportions and maybe they found one or two broomsticks but at the end of the day we’ve been acquitted of the most important charges.” After returning to his apartment in Manhattan, he told viewers of his YouTube live stream: “The punishments are going to be close to nil.”  Ben Brafman, Shkreli’s high profile lawyer, declined to say whether his client would appeal against the verdict but said the five not-guilty verdicts gave the judge “enormous discretion in the kind of sentence she could fashion’. “It doesn’t even have to include a period of incarceration . . . [or] a much, much lower period of incarceration than the government ever contemplated,” said Mr Brafman. “We’re not 100 per cent pleased, but we’re 90 per cent pleased . . . we won more than we lost.”

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