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Anorak | Martin Shkreli convicted on 3 counts in fraud case

Martin Shkreli convicted on 3 counts in fraud case

by | 6th, August 2017

shrekli pharma bro

 

Martin Shkreli, aka ‘Pharma Bro’, has been found guilty of three felony criminal charges, including securities fraud. He was cleared of five other charges at a court in New York.

The Washington Post notes:

“We’re delighted in many ways,” Shkreli said outside the courtroom, saying he was glad to be exonerated on many of the charges. This was a witch hunt of epic proportions,” he said. “They may have found some broomsticks.”

What with this being America, Shkreli, 34, will most likely not serve any time in prison – the maximum terms behind bars for his crimes is 20 years – and just pay his way out.

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.

You will recall Shrekli from his ealier work, outlined by CNBC:

The charges against Shkreli were unrelated to his decision, while CEO of Turing Pharmaceuticals, to raise the price of the drug Daraprim from $13.50 per pill to $750 per pill in 2015.

Spiking the price of the life-saving drug earned Shrekli the sobriquet “The Most Hated Man In America”.

Was he hard done by? Fortune writes:

Robert C. Hockett, a Cornell University law professor, said the U.S. Justice Department is still smarting from criticism that it didn’t hold top executives accountable after the widespread fraud leading to the 2007 financial crisis. With limited resources, prosecutors also often factor in “extreme moral turpitude” as a “tie-breaker” in cases where it’s not clear whether to move forward, he said.

“Zealously pursuing a notorious and widely loathed character like Shkreli offers a great deal of bang for the buck where demonstrating prosecutorial seriousness is concerned,” Hockett said.

He’s served his purpose. Will he do his time?



Posted: 6th, August 2017 | In: Money Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink