'Pharma bro' Martin Shkreli's fraud conviction upheld by appeals court
A federal appeals court has upheld the criminal conviction of notorious 'pharma bro' Martin Shkreli.
He was convicted after a 2017 trial in Brooklyn federal court where prosecutors introduced evidence that he had repeatedly lied to investors about the performance of two hedge funds he ran, and then used money invested in those funds to help start the pharmaceuticals company Retrophin. The three-judge panel in the U.S. Court of Appeals for the Second Circut also upheld the more than $6.4 million in foreiture that a judge imposed on Shkreli last year when she sentenced him for his conviction on two counts of securities fraud and one count of conspiracy to commit securities fraud.In its ruling, the appeals panel disagreed with Shkreli's claim that his trial judge's instructions to the jury at his trial were incorrect and confusing to jurors.
The panel likewise dismissed Shkreli's argument that the forfeiture amount was inappropriate because not all of the investors in his hedge funds testified, that they amount should be reduced to account for losses he incurred by making trades for the funds, and that the large returns seen by investors should reduce the forefeiture to zero.
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