‘Pharma Bro’ Martin Shkreli’s securities fraud conviction will stand, court rules
The securities fraud conviction against former pharmaceutical executive Martin Shkreli, which resulted in the so-called “Pharma Bro” being sent to prison, will stand, a federal appeals court reportedly ruled on Thursday.
In addition to the guilty verdict, the court also upheld a properties forfeiture that totaled more than $7 million, The Associated Press reported.
Shkreli is currently behind bars after he was handed a seven-year prison sentence last year.
During the trial, prosecutors argued that he deceived his investors by not telling them when he made a bad stock bet that led to huge losses. In addition, they accused him of raising more money to pay off other investors or took money and stock from Retrophin, a pharmaceutical company he ran.
The court’s ruling Thursday followed efforts by Shkreli’s legal team last month to get his conviction overturned.
His attorney brought the request before a federal appeals court in New York City and argued that the trial judge provided jury members with unclear instructions about the law, The Associated Press previously reported. However, a prosecutor disagreed, arguing that they were appropriate instructions.
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Shkreli is separately infamous for boosting the cost of Daraprim, an AIDS drug, to $750 from $13.50 while he led Turing Pharmaceuticals.
Fox Business’ Brittany De Lea and Mike Obel contributed to this report.
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