Fraud conviction of ‘pharma bro’ Martin Shkreli upheld by federal appeals court

  • A federal appeals court has upheld the criminal conviction of notorious ‘pharma bro’ Martin Shkreli.
  • 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.
  • 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.

A federal appeals court on Thursday upheld the criminal conviction of notorious “pharma bro” Martin Shkreli.

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.

Shkreli, 36, is serving a seven-year sentence in a federal prison in Pennsylvania.

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 instruction given here correctly stated the law,” the appeals panel said in its decision. ” As such, we disagree with Shkreli that exclusion of additional language describing an element not required for the charged crime constituted a prejudicial error.”

www.cnbc.com/2019/07/18/appeals-court-upholds-conviction-of-martin-shkreli.html