NEW YORK — Martin Shkreli, accused of defrauding his hedge fund investors and a pharmaceutical company, was convicted on three of eight counts on Friday, after a five-week trial in U.S. District Court in Brooklyn, N.Y.Shkreli was accused of securities and wire fraud related to two hedge funds he ran, MSMB Capital and MSMB Healthcare.The prosecution brought forth an “avalanche” of evidence, as prosecutor Jacquelyn Kasulis put it in her rebuttal argument, that included a threatening letter he sent to the wife of a former employee, statements he sent to MSMB investors showing great returns at the same time he had no money in fund accounts, three versions of a backdated agreement to make it look as if MSMB Capital had invested in Retrophin when it had not, as well as claims about assets under management that were wildly out of line with his actual fund size.
NYS Entity Status
NYS Filing Date
MAY 20, 2014
NYS DOS ID#
UNITED STATES CORPORATION AGENTS, INC.
7014 13TH AVE., STE. 202
BROOKLYN, NEW YORK, 11228
NYS Entity Type
DOMESTIC LIMITED LIABILITY COMPANY
2014 - MARTIN C MARCUS COMPANY LLC
Around the Web
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By Stephanie Clifford and Colin Moynihan - Friday Aug 4, 2017
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Martin Shkreli doesn’t save his vitriol just for the internet, a Brooklyn courtroom heard Monday. “Do you know how I know you’re an incompetent idiot?” the pharma cad once wrote to an accountant who was attempting to reconcile his company’s messy financials. The 34-year-old penned the venomous email after threatening to sue financial firm SEC...
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- Martin Shkreli found guilty of fraud (as another Martin Shkreli arraigned for money laundering)
By Steven Melendez - Friday Aug 4, 2017
Self-proclaimed “pharma bro” Martin Shkreli has been convicted of securities fraud in Brooklyn federal court. A jury found Shkreli guilty of two counts of securities fraud and one count of conspiracy to commit securities fraud, and not guilty of five other charges, CNBC reports.
He faces up to 20 years in prison. Prosecutors said he misled investors in two hedge funds he ran, losing money and investing some of their funds in a separate pharmaceutical company called Retrophin, even as he claimed to be making money. He then used money from the drug business to repay them, prosecutors said.
Shkreli also gained infamy for raising the price of Daraphim, an anti-parasite drug, more than 5,000 percent as the head of drug company Turing Pharmaceuticals, and has earned notoriety as an internet troll, including getting suspended from Twitter for harassing a journalist covering his businesses.
Shkreli’s attorney says he plans to appeal the verdict, The Washington Post reports. “This was a witch hunt of epic proportions,” Shkreli told the Post.
Earlier in the day, courtroom observers got a laugh when another defendant also named Martin Shkreli appeared in the same courtroom, to be arraigned on money-laundering-related charges related to alleged drug trafficking by a group that has also been accused of trafficking weapons from Kosovo. The two Shkrelis are unrelated, as are the cases, though both are of Albanian descent, CNBC reports.
- The Strange Case of Martin Shkreli Is Wrapping Up
By STEPHANIE CLIFFORD - Wednesday Jul 26, 2017
An unusual trial has featured victims who actually made money and defense lawyers who paint their client as an erratic misfit and want more victims to testify.