Martin Shkreli Found Guilty of Securities Fraud, Conspiracy; Faces 20 Years

Martin Shkreli
via Instagram / Martin Shkreli

Controversial pharmaceutical CEO Martin Shkreli was convicted of securities fraud on Friday (Aug. 4) for mismanaging two investment funds, reports CNN.

A jury in Brooklyn deliberated almost all last week before returning guilty verdicts against the 34-year-old — including two counts of securities fraud and a single count of conspiracy. He also also acquitted on five other counts of conspiracy.

Shkreli could face more than 20 years in prison.

Outside the courthouse, he told reports that the case was “a witch hunt of epic proportions.”

Just an hour after the guilty verdict, Shkreli livestreamed from his apartment via Youtube, where he is seen holding a beer. He said his sentence would be “close to nil.” He also said that if he does go to prison, it will probably be a “Club Fed”, where he will “play basketball and tennis and Xbox” for a couple of months.

Shkreli garnered national attention and criticism two years ago, when he unapologetically raised the price of a lifesaving drug used by AIDS patients from $13.50 per pill to $750.

He also made headlines for his beef with the Wu-Tang Clan, after he bought their one-of-one album, Once Upon a Time in Shaolin, for $2 million.

Shkreli was arrested on securities fraud charges in December 2015 for allegedly cheating investors out of more than $11 million between 2009 and 2014 via a Ponzi scheme.