Martin Shkreli, an American businessman and former pharmaceutical CEO, is colloquially known as "Pharma Bro". He was initially a hedge fund manager but later became a pharmaceutical entrepreneur. He is known as a brash and manipulative man, once referred to as the "most hated man in America".
On Friday, Shkreli appeared in court as his month-long federal court fraud trial drew to an end. This came after he was accused of deceiving investors in a pair of failed hedge funds. Shortly after he was convicted of securities fraud on Friday afternoon, Shrikeli began livestreaming himself, drinking beer and mocking the trial, seemingly without a care in the world.
Legal Experts have warned that such actions could land the "Pharma Bro" in even more trouble if he's not careful.
The trial
Shrikeli was accused of securities fraud and arrested in 2015. He was accused of deceiving investors and encouraging them to invest in hedge funds that later failed. He then also took $11 million in stock and cash from Retrophin, a drug company which he founded, according to ABC News. He tried to pay the investors back with these looted assets. 2015 was not the first time that Shrikeli was in the spotlight for all the wrong reasons. In fact, in 2014 he was banned from Twitter because of his derogatory comments about a female journalist. He was also known for raising the price of a certain lifesaving drug from $13.50 to $750.
On Friday, the Jury made their decision. Shrikeli has been found guilty of two counts of securities fraud and one count of conspiracy. He is currently out on a bail of $5 million but according to The Guardian, he faces up to 20 years in prison. A date for sentencing has not yet been set.
Shrikeli's response
The "Pharma Bro" has been rather blasé about the whole ordeal.
He continued talking to the press and live-streaming his thoughts on the trial, throughout the course of the trial, despite the Judge's order that he refrain from discussing the matter with the press. Even when he was convicted on Friday, Shrikeli said, "We fought back and we feel like we won", according to the Washington Post.
He then went on to return to his New York apartment and live-stream himself, drinking a beer, playing with his cat and cracking jokes. He even invited a few reporters over so he could answer some questions
Legal experts have since warned that Shrikeli's so-called "lack of remorse" could affect his sentence if he's not careful. It is not wise for him to be treating the matter with such nonchalance and for him to be mocking the legal system in the way that he is. Especially not when he could be facing 20 years in prison. And while Shrikeli doesn't seem to be awfully concerned about the matter, his lawyer has mentioned that he has his work cut out for him. Only time will tell the future of the "Pharma Bro".
