'Pharma bro' Martin Shkreli heads into fraud trial

  • 'Pharma bro' Martin Shkreli heads into fraud trial

'Pharma bro' Martin Shkreli heads into fraud trial

The former pharmaceutical CEO will be back in the headlines for a while as he starts his federal securities fraud trial (that has nothing to do with the douchey move mentioned above).

Mr Shkreli faces eight charges of securities... Shkreli is now being accused of illegally taking stock from Retrophin to pay back debts owed to investors in the hedge funds. He went on Twitter to label members of Congress "imbeciles" for demanding to know why his company, Turing Pharmaceuticals, raised the price of Daraprim, a drug used to treat toxoplasmosis and HIV, from $13.50 to $750 per pill. A brash social media presence, Shkreli also received widespread scorn in 2015 for saying he paid about $2 million for the only known copy of the Wu-Tang Clan's new album, Once Upon a Time in Shaolin. She referred to Shkreli as "the most hated man in America".

Federal prosecutors claim Shkreli mismanaged between 2009 and 2014 money in several investment funds he was managing, including Retrophin. The defense has argued that he had good intentions.

Shkreli seems to follow standard legal advice to stay keep mum while he's in a courtroom - but not elsewhere.

"I'm excited", Shkreli recently said about the trial.

Shkreli's chatter may cost him.

On paper, the two things are unrelated, but as he pointed out to Fox 5's Steve Lacy during an exclusive interview after his arrest, Shkreli thinks the two might be connected.

The case does not focus on his price hike of Daraprim while he was chief executive of Turing Pharmaceuticals, which has become a rallying cry of pharmaceutical industry critics who have called on tighter rules to prevent price gouging. He also offered $40,000 for a math proof and $100,000 for tips on the killing of DNC staffer Seth Rich.

The trial, which will be heard by U.S. District Judge Kiyo Matsumoto in Brooklyn, is expected to last four to six weeks.

According to his attorney, Benjamin Brafman, Shkreli - who once claimed to be worth as much as $70 million - is now penniless and "doesn't have any cash".