"Pharma Bro" Has Been Convicted

Martin Shkreli arrives at the U.S. District Court for the Eastern District of New York

Drew Angerer Getty Images

This may be goodbye for Martin Shkreli.

Federal prosecutors had accused the 34-year-old of defrauding investors in his hedge funds and stealing from his old drug company, Retrophin Inc., to pay them back.

"Pharma Bro" Martin Shkreli convicted of...

Christopher LaVigne, a former federal prosecutor who is now a defense lawyer at the law firm of Shearman & Sterling, said it was notable that prosecutors secured a conviction without investor losses, and said it could encourage more such cases in the future.

His lawyer Ben Brafman said he was thrilled by the verdict. "They may have found some broomsticks".

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.

But a jury cleared him of five other counts, leading Shkreli to say he was pleased with the result.

Brafman as much as admitted that Shkreli had done numerous things that the government alleged: lying to investors about how large the fund was, who was auditing it, and how much money it was returning each month.

Although he was found guilty, Shkreli appeared to celebrate that he was let off on five of the eight counts.

The charges did not tie into the incidents that first brought Shkreli infamy. Pointing out that his client's investors still made plenty of money on his shady deals (even those who testified against him), Shkreli's defense attorney, Benjamin Brafman, claimed that they were not victims.

"I think the world blames me for nearly everything", he told them. "Believe this", he tweeted less than three hours before the verdict was announced. Although he faces up to 25 years in prison for his crimes, most suspect that he will be dealt far less once his sentencing occurs.

Martin Shkreli verdict: Guilty on two counts of securities fraud, one count of conspiracy from CNBC.

Shkreli also said that if he got any jail time, it would be at "club Fed", a term that describes low-security prisons with less harsh environments than other facilities.

But Shkreli was acquitted of that charge, conspiracy to commit wire fraud, which Brafman referred to as "the money count".

"*~*And in the end, the only person Martin Shkreli wound up f-ing was himself.*~*" she tweeted.

"We're delighted in many ways", Shkreli said outside the courtroom, saying he was glad to be exonerated on numerous charges. But hey, you've gotta take the wins where you can get them.

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