Disgraced pharma CEO Martin Shkreli convicted of fraud

It took almost five days of deliberation for a jury of seven women and five men in NY federal court to convict Shkreli of three of the eight counts he faced, acquitting him all charges related to wire fraud. The verdict will be read Friday afternoon.

Shkreli is accused of fraudulently reclassifying a $900,000 equity investment as a loan from his defunct hedge fund, MSMB Capital Management, after it lost millions - and made Retrophin pick up the tab. Vilified in the press, which took to calling him Pharma Bro, Shkreli came to symbolize extreme corporate greed. Interestingly, the three charges relate to defrauding investors in two hedge funds and in Retrophin Inc. "They may have found some broomsticks". As CEO of Turing Pharmaceuticals, Shkreli raised the price of a drug used by some AIDS patients from $13.50 per pill to $750, resulting in a public outcry that reverberated around the country.

The jury's decision, following five days of deliberations, did not give either side the clear victory they wanted, but was certainly humbling for Shkreli who had boasted that prosecutors would have to apologize to him when the case was over.

Shkreli also claimed to have unreleased music from bands such as The Beatles, Nirvana, and Brand New, but so far has not released anything.

Australia airport securitys stay heighted over terror plot
Similar lines have been experienced at Melbourne Airport , with authorities warning that the delays will continue. Australia's PM said on Sunday: "The threat of terrorism is very real".

But the defence maintained that Shkreli's wealthy investors ultimately made money rather than incurred losses.

The lawyer told jurors that a drug company official who testified against Shkreli was biased because if Shkreli is convicted of a felony, the company would get to keep his stake.

"I think drug companies are doing God's work".

Prosecutors charged Shkreli with eight counts of fraud for a Ponzi-like scheme, and the case kicked off at the end of June. Three-hundred potential jurors were dismissed during jury selection, with many reprimanding Shkreli, including one who, when asked why he couldn't serve, said, "Honestly?"

No link between raids and polls: Jaitley
The senior Congress leader Ahmed Patel is trying for his fifth re-election to the Upper House of Parliament from Gujarat. The BJP has fielded party president Amit Shah, Union Minister Smriti Irani and Balwantsinh Rajput against Ahmed Patel.

Shkreli embraced his role as a villain, continuing on to do things like buying the only copy of a Wu-Tang LP with his vast riches while being one of the last people on Earth who deserves to own such a thing.

Shkreli said, "In sum and substance I feel exonerated". He faces up to 20 years in prison, however legal experts say he is likely to get much less. Matsumoto, the judge, still has the discretion to send Shkreli to prison for several years, he said.

Shkreli, 34, was acquitted on the other five counts related to hedge funds that he ran to a drug company he created, Retrophin.

Trump Says Apple CEO Promised to Build 3 'Big' Plants in US
It must be noted that an announcement from Foxconn regarding Apple factories in the U.S.is expected as early as this week. It is also not known if Trump was talking about Apple-owned plants, or plants with investment help from Apple.

(Copyright © 2015. All Rights Reserved.)
 
Recommended

More IT raids underway at locations connected with Karnataka Min. Shivakumar
The IT department has maintained that the search had "no concern" with the MLAs and that only the Minister's room was searched. No search or tax officers are at the resort. "He has been taken to his residence and questioned there", Jaitley said.

Pound Rises Ahead Of UK GDP Data
The underlying trend is for consumer spending growth to moderate as real incomes are squeezed by higher inflation. Within production, manufacturing contracted 0.5% due to a large fall in auto production.

Relatives of US Embassy staff ordered to leave Venezuela
Maduro on Thursday warned that anyone taking part in protests against his "Constituent Assembly" risked up to 10 years in prison. Venezuela's President Nicolas Maduro greets supporters at a rally in Caracas .

Education Funding Bill Now on Governor's Desk
Brady said he finds it hard to believe Democrats will continue to play political games even as Rauner makes changes to the bill. Rauner's office declined to comment about what action the governor would take until he officially received the bill.

All options on table in face of USA sanctions bill: Iran's Velayati
Besides, Iranian Foreign Ministry Spokesman Bahram Qasemi said Wednesday that the U.S. Congress bill against Iran will jeopardize the implementation of the JCPOA.

As Rumors Swirl Tillerson Says He's 'Not Going Anywhere'
Asked how long he was going to stay, he firmly said, "As long as the president lets me". He's deeply engaged in that work".

Police shoot Philippines mayor linked to drugs
Last year, police officers shot dead Albuera Mayor Rolando Espinosa Sr. inside a jail cell in the central province of Leyte. Parojinog is the third mayor to be killed the drug crackdown and the first to be killed during a drug raid.

Trump's State Deptartment finds new ways to make Russian Federation happy
Tillerson spoke at the State Department briefing Tuesday, where he talked about his first six months as secretary of state and answered a few questions.

Russian Federation probe: Grand jury set up, subpoenas issued
The setting up of a grand jury is a significant development in the probe as it could lead to criminal indictments. Officials in Moscow have also denied playing a role in Trump's surprise victory last November.

Etihad Airways 'assisting' Australia with plane probe — BBCI
Another official quoted by Reuters noted that the plan was "fairly well along" by the time the Australian police raids took place. Australian authorities have said they thwarted a credible terrorist plot to down an airplane by smuggling a device onboard.

Kyrie Irving trades that aren't so insane
While Irving has no leverage or say on where he goes, the Heat would be wise to explore all avenues to making a deal. The other nugget of information that Lloyd offers there is that Irving isn't in contact with the team right now.

Parents agree to hospice care for Charlie Gard
His parents accept that his condition has deteriorated to the point where the experimental treatment would not work. They told the court they wanted "a few days of tranquillity outside the hospital before Charlie passes away".

Kenyan police probe murder of IEBC official Christopher Msando
President Uhuru Kenyatta , seeking a second and final five-year term, is running against opposition leader Raila Odinga . The man in charge of Kenya's computerized voting system has been found dead just days before the 8 August elections.

Prince William And Kate Middleton Attend Battle Of Passchendaele Commemoration
It's 100 years since the start of the Battle of Passchendaele , one of the most brutal conflicts of the first world war . A dawn cannon salute in western Belgium has marked the start of one of World War I's bloodiest battles 100 years ago.

What's Next: Health Care 'Vote-a-Rama' and the End Game
In a statement regarding his "no" vote, McCain criticized the bill for how quickly it was pushed through the Senate. Schumer lavished praise on the three Republican defectors who joined Democrats to tank the GOP bill-Sens.


More News

News
More News