During the trial, prosecutors claimed Shkreli had “defrauded multiple investors in his two hedge funds out of millions of dollars, only to repay them with stock and cash that he looted from the biotech company he created, Retrophin.” 1
Shkreli’s lead lawyer, Benjamin Brafman, said “I think this verdict is a reasonably good verdict under the circumstances … we are 90 percent pleased.” 2
In 2015 when Shkreli caused the intense backlash with his drug price hike, he was already being investigated for running this “Ponzi-type Scheme.” At trial, prosecutors said evidence and testimony showed Shkreli duped “multiple investors into putting millions of dollars into two hedge funds he ran, MSMB Capital and MSMB Healthcare, by falsely claiming to have an excellent record of running such funds, and by falsely stating his investment strategy had a low level of risk.”3
However, after getting their money, Shkreli quickly lost most of it and used some of what was left to capitalize his company Retrophin. And he did all of this while sending out financial statements to his investors claiming positive returns.
When investors asked for their money to be redeemed to them in cash, Shkreli brushed them off- for months. When this didn’t work he invested excuses about why he couldn’t get them their money or would suggest different ways to pay them back. Prosecutors then say he improperly used Retrophin stock and cash to pay off the funds’ investors.
More on the story with an update when they sentence this big pharma bro (Whose co workers testified at trial that he’s MENTALLY UNSTABLE. Shocker.)
Erin Elizabeth is a long time activist with a passion for the healing arts, working in that arena for a quarter century. Her site HealthNutNews.com is barely 4 years old, but cracked the top 20 Natural Health sites worldwide. She is an author, public speaker, and has recently done some TV and film programs for some of her original work which have attracted international media coverage. Erin was the recipient for the Doctors Who Rock "Truth in Journalism award for 2017. You can get Erin’s free e-book here and also watch a short documentary on how she overcame vaccine injuries, Lyme disease, significant weight gain, and more. Follow Erin on Facebook, Twitter, and Instagram.
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