Martin Shkreli, chairman of the pharmaceutical company “Turing”, who had recently raised the price for a drug for HIV, increased dramatically from about 13 to 750 dollars, was found guilty of fraud by investors.
The federal prosecutor’s office found him guilty of three counts of a total of eight, and if convicted, he is threatened with a 20-year prison sentence. He is charged with alleged misconduct with two unsuccessful hedge funds associated with his pharmaceutical company Retrofin.
But he does not seem to be afraid at all, and he thinks he will not get a big jail sentence: “I realize, not more than 6 months,” he wrote on Twitter, answering the question of how high a sentence he is expected.
Shkreli was involved in several heavy securities frauds, and in the prosecution consider that he was sending false information to the investors about the success of his funds and how he spent their money. He also lied about his education and work experience.
He told potential buyers that he manages a fortune of $ 100 million, and never had more than 3. Illegally paid debts that accrued to him in his companies whose business was not affiliated with “Retrofin”.
During the trial, there were no testimonies, nor did there be any people who testified in his favor. The date for issuing the verdict has not yet been determined. Although this case has nothing to do with the drug for the HIV virus that made it a fierce blow to the public and became one of the most hated people in the world, its “notoriety” was mentioned in choosing the jury for the case. Then many potential jurors called it “snake” and “face of corporate greed,” reports Bloomberg.