Prosecutors argued that Shkreli lied to investors in two hedge funds and the pharmaceutical company Retrophin, all of which he founded.
Prosecuting attorneys have claimed that Shkreli duped investors out of millions of dollars meant for his hedge funds, MSMB Capital and MSMB Healthcare.
Brafman predicted that Shkreli would someday go on to develop cures to bad diseases that afflict children. His behavior led to his receiving the nickname "Pharma bro", with many people seeing him as the embodiment of corporate greed.
He stood in front of the same judge in the same courthouse as the younger Shkreli. Those included conspiracy to commit securities fraud, and two counts of securities fraud. He was released until sentencing, which has yet to be set.
Prosecutors calling it a "Ponzi Scheme".
The case surrounded Shkreli's co-founding of MSMB Capital Management in 2009 and subsequent co-founding and leadership of Retrophin Inc (NASDAQ: RTRX) in 2011. When the deal lost money, Shkreli was unable to pay. The seven-woman and five-man jury began deliberating on July 31, and after asking the judge for just a few clarifications on the law on August 1, they were relatively quiet until reaching the verdict. "We've got the prosecutors pretty freaked out".
A verdict has been reached in the securities fraud trial of former pharmaceutical company CEO Martin Shkreli (SHKREL'-ee).
Shkreli's lawyer, Benjamin Brafman, raised the prospect of an appeal and said the verdict would give the court "enormous discretion" on sentencing. Among his other antics: boasting about buying a one-of-a-kind Wu-Tang Clan album for $2 million.
"My investors made three to five times their money", Shkreli said during the press scrum after the verdict. "This trial has been a difficult voyage for all of us, and it was a difficult voyage because it was a difficult case", Brafman said. When critics pounced, the live-out-loud Shkreli called a journalist a "moron", quoted defiant rap lyrics on Twitter and defended the price increase as a "great business decision". When I tuned in, he said, "I'm one of the richest New Yorkers there is".