Martin Shkreli, “Pharma Bro,” Convicted of Fraud

The former pharmaceuticals executive was accused of defrauding investors to pay off debts.

Martin Shkreli, the former pharmaceuticals executive notorious for price-gouging a drug used to fight AIDS, has been found guilty on three counts of securities fraud for lying to investors to cover unrelated debts. He faces up to 20 years in prison.

He was convicted Friday by a federal jury in Brooklyn. In 2015, it was reported Shkreli increased drug prices by more than 5,000 percent. The revelation garnered him the nickname “pharma bro” and a reputation as the “most hated man in America.”

“This was a witch hunt of epic proportions and maybe they found one or two broomsticks,” Shkreli said in response to the conviction on Friday.

This is a breaking news post. We will update when more information becomes available.

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You expect the big picture, and it's our job at Mother Jones to give it to you. And right now, so many of the troubles we face are the making not of a virus, but of the quest for profit, political or economic (and not just from the man in the White House who could have offered leadership and comfort but instead gave us bleach).

In "News Is Just Like Waste Management," we unpack what the coronavirus crisis has meant for journalism, including Mother Jones’, and how we can rise to the challenge. If you're able to, this is a critical moment to support our nonprofit journalism with a donation: We've scoured our budget and made the cuts we can without impairing our mission, and we hope to raise $400,000 from our community of online readers to help keep our big reporting projects going because this extraordinary pandemic-plus-election year is no time to pull back.

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