Martin Shkreli Convicted Of Security Fraud & Conspiracy

By HHL Editors

After five days of deliberation, a Brooklyn jury has found Martin Shkreli guilty on two counts of securities fraud and a single count of conspiracy. He was acquitted on five other charges.

He faces up to 20 years in prison with sentencing to take place at a date to be determined.

Shkreli didn't testify in the case. But after the verdict was read he told reporters it was a "witch hunt of epic proportions."  His lawyer Benjamin Brafman raised the prospect of an appeal.

Federal prosecutors had accused Shkreli of using a Ponzi scheme to cheat investors out of more than $11 million between 2009 and 2014.

Shrkeli would come into prominence the next year when he notoriously jacked up the price of an AIDS drug he had purchased the rights to. (Which wasn't illegal.)

He then used his fame and money to dabble in Hip Hop; He bought the one-off Wu-Tang album Once Upon a Time in Shaolin for $2 million and claims to own other rare rap recordings, including the much delayed Lil Wayne album Carter V.

[Related: Lil Wayne threatens to sue Martin Shkreli over Carter V.]

Posted In: News


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