❝ Martin Shkreli, once dubbed “the most hated man in America,” is now a convicted felon.
Shkreli, notorious for raising the price of a potentially life-saving drug by 5,000 percent, was found guilty Friday of defrauding investors in two hedge funds and in Retrophin Inc., a pharmaceutical company he co-founded.
❝ He is now almost certain to go to prison. Shkreli faces as long as 20 years behind bars, although he’s likely to serve much less. U.S. District Judge Kiyo Matsumoto allowed him to return home and wished Shkreli well after the verdict was read. She said she would see him soon, though she hasn’t set a date for sentencing…
Shkreli was convicted of three of eight charges, including securities fraud. He was acquitted of fraud charges related to allegations that he looted Retrophin to pay off his hedge-fund investors. Sentencing guidelines take into consideration the size of losses, so the Retrophin allegations carried the potential for the most severe penalty.
❝ In the end, it was Shkreli’s lies to his investors that cost him his freedom, not his 2015 decision to jack up the price of an anti-parasitic drug. Prosecutors said Shkreli, 34, misled clients about the performance of his failing hedge funds, secretly used their money to start Retrophin, and then took $11 million from the drug-development company to repay them.
Shkreli played financial manipulation games almost as well as, say, a Congressman keeping his re-election fund after retiring. The operative word being “almost”. Plus, like like one of our politicians most notorious for his daily accumulation of lies, he never learned when to keep his mouth shut.