Guilty verdict reached in 'Pharma bro' securities fraud trial
NEW YORK (AP) — A verdict has been reached in the securities fraud trial of former pharmaceutical company CEO Martin Shkreli.
According to CNBC, he was found guilty on three of eight counts he faced.
The jury in New York City has deliberated five days. The verdict was read Friday afternoon.
Prosecutors say Shkreli looted his drug company to pay back investors in two failed hedge funds he ran. The defense says investors got their original investments back and even made hefty profits.
The 34-year-old Shkreli is notorious for jacking up the price of a life-saving drug and for his snide "Pharma Bro" persona online.
Shkreli faced eight counts of securities fraud, conspiracy to commit securities fraud and conspiracy to commit wire fraud.
If convicted of the most serious counts, he could face up to 20 years in prison but likely would receive far less time under sentencing guidelines.