Shkreli Fraud Trial Begins

Jun 25, 2017

NBC News

"Pharma Bro" Martin Shkreli will face charges of securities fraud in federal court in New York on Monday, more than a year and a half after his arrest in December 2015.

Shkreli's eight-count indictment includes allegations of illegally taking stock from Retrophin and then using it to pay unrelated debts owed to hedge fund investors as well as defrauding investors in MSMB Capital and MSMB Healthcare through misstatements and omissions about the financial performance of the funds.

According to NBC News, Retrophin is paying Shkreli's criminal defense fees, which are believed to be as high as $4.8 million. No formal decision has been announced regarding whether or not Shkreli will testify in his own behalf.

Recently, Shkreli has been in the news for launching a website listing the alleged price hikes, criminal behavior and general misdeeds of more than two dozen well-known pharma companies, as well as getting his Twitter account suspended for harassing a female reporter online.

Read the NBC News coverage

Show Comments
Hide Comments

Join the discussion

We welcome your thoughtful comments.
All comments will display your user name.

Want to participate in the discussion?

Register for free

Log in for complete access.

Comments

No one has commented on this page yet.

RSS feed for comments on this page | RSS feed for all comments