August 4, 2017

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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Fact:

In-depth journalism that investigates the powerful takes real money and is so damn important right now.But it doesn’t take a Mother Jones investigation to know that billionaires and corporations will never fund the type of reporting (like they do politicians) we do that exists to help bring about change. Instead, our mission-driven journalism is made possible by people power, and has been for 46 years now since our founding as a non-profit.

In “TITLE TK” Monica Bauerlein writes about the perilous moment we’re in, and why it’s so important that we raise $325,000 by the time November’s midterms are decided so we can be ready to throw everything we have at the big issues facing the nation no matter what happens. Please help MoJo’s people-powered journalism with a donation today.

$400,000 to go!

payment methods

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