'Pharma bro' Martin Shkreli convicted of securities fraud, conspiracy

Martin Shkreli and attorney Benjamin Brafman arrive at the U.S. District Court for the Eastern District of New York

In one of the most serious accusations, prosecutors said that Shkreli ultimately looted $11 million from Retrophin, a publicly-owned company, to pay back the investors in his hedge funds.

After almost five full days of jury deliberations, Martin Shkreli has been found guilty of three counts of securities and wire fraud.

Martin Shkreli, the quasi-imfamous "pharma bro" has been found guilty of three federal counts of securities fraud and was found not guilty on five additional counts.

After five days of deliberations, a federal jury in NY on Friday found Shkreli guilty on three of eight charges, two counts of securities fraud, and one count of conspiracy to commit securities fraud.

The verdict came on the fifth day of deliberations in Brooklyn federal court. Shkreli, a brash 34-year-old best-known for his belligerent personality and for hiking the price of a life-saving drug, Daraprim, while CEO at Turing Pharmaceuticals.

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Jurors heard testimony from several MSMB investors who said Shkreli falsely claimed to have an outside auditor and tens of millions of dollars in assets, sent them fabricated account statements after losing their money and became evasive when they asked for their investments back.

Shkreli, most infamous for dramatically raising the price of an anti-parasitic drug by more than 5,000 percent, was arrested and charged in December of 2015. But he also managed two mutual funds during that time - MSMB Capital and MSMB Healthcare - and the lawsuit centered on Shkreli's management of those three entities.

"This is not a case where anybody was defrauded!", Shkreli lawyer Benjamin Brafman shouted in the courtroom during his closing argument, according to CNBC.

His defense argued that Shkreli did not have "fraudulent intent" to rip off investors.

Shkreli called the case "bogus".

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