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Martin Shkreli found guilty of fraud by jury in New York

The 34 -year-old pharmaceutical entrepreneur found guilty on three of eight federal accusations that he deceived investors in a pair of failed hedge funds

Martin Shkreli, the hedge fund manager became pharmaceutical entrepreneur once dubbed the most disliked human in America, has been found guiltyon three of eight federal accuses that he misled investors in a pair of failed hedge fund .

The jury of seven women and five men reached their judgment on the fifth period of deliberations after a month-long federal scam trial. Shkreli, nicknamed Pharma Bro for his willfully provoking behaviour, faced up to 20 times behind saloons on the charges of securities hoax, conspiracy to commit securities fraud and conspiracy to dedicate wire fraud.

Shkreli, 34, was convicted of two countings of securities fraud relating to accusations that he lied to investors while sweet-talking them into pumping more capital into his failing hedge funds, and one count of conspiracy. But he was cleared of defrauding Retrophin, his former biotech company, which he was accused of illegally raiding for assets to reimburse skeptical investors who wanted their fund back.

Speaking outside federal courtroom in Brooklyn on Friday afternoon, Shkreli said: When you have the entire federal government on you its a scary thing, its daunting to have that weight on your shoulders, and standing up to them and telling them I dont think you have your facts right. We fought back and we feel like we won.

He claimed to have been cleared on the most important charges

US district judge Kiyo Matsumoto allowed Shkreli to remain free on$ 5m bail and a date for convicting has not been set.

I wish you well, Mr Shkreli, be seeing you, she said. The magistrate had ordered Shkreli to stop talking to the press during the trial. She also told opposing lawyers they were arguing like children.

His lawyer Benjamin Brafman said that he would argue strongly on appeal that his client did not deserve a custodial sentence.

I think we are smiling, even though it was not the clean sweep we would have preferred, Brafman said of the non-guilty verdicts on a majority of the charges. I think some of these counts are hanging by a thread and my hope is that at the end of the appellate process there is no prison time for Martin.

Prosecutors had told the jury that Shkreli told lies upon lies, from where he went to university to the health of his business. He had boasted he had $40 m in hedge funds that simply had about $300 in the bank, assistant US attorney Alixandra Smith said in closing arguments.

Prior to the trial, Shkreli boasted he would be acquitted wholly because he was so innocent and jurors would apologize to him. Shkreli also faces a heap of civil lawsuits.

Shkreli attained disrepute in 2015 after the 34 -year-old increased the price of a life-saving narcotic, Daraprim, used by people with Aids and others suffering from toxoplasmosis, by 5,000% overnight, shortly after his pharmaceutical startup bought the commercial rights to it.

The move led to BBC calling him Americas most hated boy. Even Donald Trump weighed in, calling Shkreli a spoiled brat and his business practices disgusting.

Seeming to revel in his notoriety, Shkreli doubled down, telling the Guardian:There are very few people who care about toxoplasmosis more than me. He strengthened his notoriety with a troll-like internet presence, especially towards female journalistsand celebrities.

Read more: https :// us-news/ 2017/ aug/ 04/ martin-shkreli-guilty-securities-fraud-new-york

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Martin Shkreli headed to jail after bail revoked over Hillary Clinton post

Government called for former pharmaceutical CEOs bail to be revoked after he offered to pay $5,000 for a Hillary Clinton hair with the follicle

Martin Shkreli, the former pharmaceuticals corporation CEO who was once known as” the most hated humankind in America”, has had his bail repealed after provoking online anticsand is going to jail in New York while he awaits convicting for securities fraud.

A judge at a Wednesday hearing sided with a government demand to jail Shkreli, the so-called pharma bro, went on to say that Shkreli’s offer to pay a $5,000 reward for a Hillary Clinton hair with the follicle was ” solicitation of an assault “.

The judge said that was not protected by the first amendment and there was ” a risk someone may take” Shkreli up on his offer.

On Wednesday morning, Shkreli wrote to the court apologizing for his behaviour, saying:” I am not a violent person .”

But for the judge, it was too little, too late.

” He doesn’t have to apologize to me ,” she said.” He should apologize to the government, the Secret services and Hillary Clinton .”

Shkreli watched in silence as the hearing unfolded and sometimes set his head down and appears to be scribble notes. After the judge’s ruling, he remained expressionless as deputy US marshals led him out a side entrance of the courtroom without handcuffing him.

The government sought to get Shkreli locked up as a danger to the community amid the fallout from his social media post, which read:” The Clinton Foundation is willing to KILL to protect its secrets. So on HRC’s book tour, to continue efforts to grab a hair from her. I must support the sequences I have. Will pay $5,000 per mane obtained from Hillary Clinton .”

A defense attorney had argued in courtroom newspapers that Shkreli’s recent offering was merely a tasteless joke comparable to some of Donald Trump’s derisive commentaries , not a threat worthy of putting him behind bars.

” Indeed, in the current political climate, disagreement has unfortunately often taken the form of political irony, exaggeration, parody or irony ,” wrote the defense lawyer, Ben Brafman.” There is a difference, however, between statements that are intended to threaten or harass and remarks albeit offensive ones that are intended as political satire or strained humor .”

Shkreli faces up to 20 years in prison at sentencing, determined for 16 January.

Best known for hiking up the cost of a life-saving medicine and for trolling his critics on social media, he was found guilty last month on charges, unrelated to the pricing scandal, that he cheated investors in two failed hedge funds he ran. The defense have asserted that investors got their original investments back and even induced hefty profits.

Shkreli has said he seems “exonerated” despite his sentence and thinks there is a” 50 -5 0 chance” he won’t face any penalty. He chatted with fans on his YouTube channel and sparred with a reporter after last month’s verdict.

” In sum and substance ,” he said,” I feel vindicated .”

Read more: https :// us-news/ 2017/ sep/ 13/ martin-shkreli-jail-securities-fraud-hillary-clinton