'Pharma Bro' Martin Shkreli convicted of securities fraud
Martin Shkreli, the former CEO of Turing Pharmaceuticals who was dubbed "the most hated man in America" after dramatically increasing the price of a popular HIV drug, was found guilty Friday on three of eight criminal counts, including securities fraud and conspiracy to commit securities fraud, CNBC reports.
Shkreli faces up to 20 years in prison. He stood accused of defrauding investors who had put millions into his hedge funds and illegally paying them back via his pharmaceutical company, Retrophin, after he lost their money.
Shkreli, 34, was first arrested in December 2015. "It's time for Martin Shkreli to be held accountable," prosecutor Jacquelyn Kasulis said in her rebuttal argument, The New York Times reports. Jeva Lange
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Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.
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