‘Pharma Bro’ Martin Shkreli Found Guilty Of Fraud
A jury convicted Martin Shkreli, former hedge fund manager and Turing Pharmaceuticals CEO, of two counts of securities fraud and one count of conspiracy to commit fraud Friday afternoon.
Shkreli was under federal investigation for eight counts of securities and wire fraud. Federal prosecutors accused the 34-year-old of actively defrauding investors in his former hedge fund and for stealing from Turing Pharmaceuticals.
The former CEO became a household name in 2016 when he raised the price of Daraprim, a drug used to treat parasitic infections, from $13.50 to $750 per tablet. Shkreli faced a congressional hearing for the matter, along with a slew of negative press coverage.
Shkreli continuously defended his drastic price increases of Darapim, and has thrown his support behind other CEOs for doing the same.
CEO Heather Bresch of Mylan, the company that makes EpiPens, raised the price of EpiPens 461 percent in under a decade, saying “Mylan is the good guy.”
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