“Pharma Bro” Martin Shkreli Guilty in Federal Fraud Case, Claims “witch hunt”

MARTIN SHKRELI, THE NOTORIOUS PHARMA BRO.

There’s a lively debate on the Internet about whether Martin Shkreli, called the most hated man in America for jacking up the price of a drug by 5,000 percent, is a Jew. He claims to be an Albanian Catholic. Part of that debate revolves around arguments about whether he would have been charged with a crime if he were a Jew, since Jews (Bernie Madoff excluded because he stole from other Jews) often get a free pass from the legal system.

Where there is no debate is that the major Wall Street banksters have never been put on trial. Some keen observers of the financial scene liken Shkreli to a sacrificial lamb, thrown out in a high profile sacrifice to keep the public pacified.

Bankers walk free.

Shkreli’s bad boy attitude toward repricing the drug his company acquired the rights to also showed the general arrogance of Big Pharma, which the Pharma Bro wasn’t part of. He was just a bit player who revealed that the emperor had no clothes.

CNBC

A federal jury Friday found notorious “Pharma bro” Martin Shkreli guilty of three counts of securities fraud — but acquitted him of five other criminal counts related to hedge funds investors and a drug company he founded.

The split verdict in Shkreli’s trial came at about 2:37 p.m. on the fifth day of jury deliberations, after a more-than-month-long trial in Brooklyn, New York, federal court.

At that trial, prosecutors claimed Shkreli had defrauded multiple investors in his two hedge funds out of millions of dollars, only to repay them with stock and cash that he looted from a the biotech company he created, Retrophin.

While the seven-woman, five-man jury clearly accepted some of the prosecution’s evidence, it rejected other parts of their argument.

The mixed decision perplexed many in the courtroom, including the 34-year-old Shkreli, who first drew widespread public scorn in 2015 for raising the price of a lifesaving drug by more than 5,000 percent.

He looked over quizzically at one of this lawyers, Marc Agnifilo, each of the three times that Judge Kiyo Matsumoto interrupted a set of “not guilty” announcements she was reading off of the jury’s verdict sheet with a “guilty” one.

A juror who was quoted anonymously by the New York Times, said “In some of the counts at least we couldn’t find that he intentionally stole from them and the reasoning was to hurt them.”

Matsumoto did not set a sentencing date. That will happen after prosecutors and defense lawyers argue how much, if any, money Shkreli should be ordered to forfeit, and after defense lawyers ask her to overturn the guilty verdicts.

Shkreli, who remains free on $5 million bail, faces a maximum sentence of 20 years in prison.

But he is sure to receive a far-less-severe punishment than that, given his lack of a criminal record, and other factors.

“I think we are delighted in many ways,” said Shkreli said outside of the courthouse.

“This was a witch hunt of epic proportions and maybe they found one or two broomsticks but at the end of the day we’ve been acquitted of the most important charges in this case.”

He almost immediately afterward used his new Twitter account, @samthemanTP, to comment on the outcome of the case, and also started a livestream on YouTube from his apartment.

14 thoughts on ““Pharma Bro” Martin Shkreli Guilty in Federal Fraud Case, Claims “witch hunt”

  1. Pingback: “Pharma Bro” Martin Shkreli Guilty in Federal Fraud Case, Claims “witch hunt” | zooforyou

  2. “But he is sure to receive a far-less-severe punishment than that, given his lack of a criminal record, and other factors.”.

    Other factors are – he is a scum bag from Albania, a Muslim nation and about the worst country in Europe by far. Albanian criminals are some of the worst and most violent anywhere in the world. 10% of Albanians are Catholic. “The business of Wall Street is fraud”. Bernie quote, the guy shafted by Tammany Hall.

    Interesting that the worst nation in Europe is majority Muslim, Albania. That is what (((Merkel))) wants Germany to be like 50 years from now.

    White Nation + Muslim Domination By Immigration = Violent Shithole

  3. How he could get away with charging that much for a drug his company didn’t develop? From $13.50 to $5000? Now costs $325. Doctors still outraged!

    Not defending pharmaceutical companies since most are corrupt, but some drugs are priced high because few people will use it. It costs millions to develop and test them.

    My mother was placed on an antibiotic for a very bad bacterial infection costing $2,500 for one dose daily for 7 days. It could only be given in a hospital setting. Few get this type of bacterial infection, so it will take years for this drug company to make up for the costs of developing it. That is why they don’t pursue development of drugs for rare diseases. A good example is Alzheimer’s, exploding now that Boomers are aging. Drug companies weren’t interested before, but a cure could be available if they had been.

    • The industry is an oligopoly, with monopoly pricing. Competition would cure the ills of the industry, I believe. I haven’t tried to research the topic, but I’m sure there are some academic studies by economists that would shed light on the situation. Your take is accurate: Companies have to price to recoup costs of development. However, I wonder if they overstate those costs to justify higher prices.

    • There already is a cure for it. A diet without sugar or carbohydrates. It has a lot of similarities to diabetes. Now what do boomers eat a lot and they don’t give a shit about? Sugar and bread.

      • Yes, studies suggest there’s a connection for prevention, but not a cure for those who have it.

  4. You live by the sword, and all that jazz. I don’t care, he was an arsehole anyway, 5 years in clink might do him some good, I doubt he’ll get 20. Screw him anyway, he’s a scapegoat, when I see a major jew go to prison from wall st then I might take notice.

  5. When CNN asked him for comment last year, he replied via email “LOL eat a bag of dicks”. Anyone who talks to CNN that way can’t be all bad.

  6. If Shkreli is not a jew, then, by virtue of his despicable behavior/demeanor, he qualifies as an honorary jew. He also has a very punchable face.

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