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Martin Shkreli responsible for 105m in securities scheme losses judge rules

Martin Shkreli responsible for 105m in securities scheme losses judge rules

first_imgShare on Facebook Dominic Rushe in New York and wires Share on LinkedIn This article is more than 1 year old Decision could result in a harsher sentence for the ‘Pharma Bro’ CEO, who faces up to 20 years in prison RZA: ‘Martin Shkreli sold our album on eBay for $1.2m – he could have got more’ Shkreli is perhaps best known for boosting the price of a life-saving drug, Daraprim, by 5,000%.Photograph: Lucas Jackson/Reuters Share on WhatsApp Reuse this content Last modified on Tue 27 Feb 2018 22.07 EST Martin Shkreli Topics Pharmaceuticals industry news Mon 26 Feb 2018 16.03 EST Martin Shkreli responsible for $10.5m in securities scheme losses, judge rules Share on Twitter Share on Facebook Share via Email … we have a small favour to ask. The Guardian will engage with the most critical issues of our time – from the escalating climate catastrophe to widespread inequality to the influence of big tech on our lives. At a time when factual information is a necessity, we believe that each of us, around the world, deserves access to accurate reporting with integrity at its heart.More people are reading and supporting The Guardian’s independent, investigative journalism than ever before. And unlike many news organisations, we have chosen an approach that allows us to keep our journalism accessible to all, regardless of where they live or what they can afford. But we need your ongoing support to keep working as we do.Our editorial independence means we set our own agenda and voice our own opinions. Guardian journalism is free from commercial and political bias and not influenced by billionaire owners or shareholders. This means we can give a voice to those less heard, explore where others turn away, and rigorously challenge those in power.We need your support to keep delivering quality journalism, to maintain our openness and to protect our precious independence. Every reader contribution, big or small, is so valuable. Support The Guardian from as little as $1 – and it only takes a minute. Thank you. Shares9696 This article is more than 1 year old Martin Shkreli Share via Email In a significant blow to the fortunes of the disgraced “Pharma Bro” Martin Shkreli, a judge ruled Monday that he was responsible for nearly $10.5m in losses in a securities fraud scheme.The decision could result in a harsher sentence for the eccentric former pharmaceutical company CEO, who faces up to 20 years in prison.Shkreli’s defense had hoped the 34-year-old would get little or even no prison time and had argued that investors in two failed hedge funds did not suffer actual losses because they were compensated with drug company stock that more than covered their initial investments.But the US district judge Kiyo Matsumoto rejected their arguments in a written decision in federal court in Brooklyn, finding that Shkreli should be penalized for the losses because he made risky transactions with investors’ millions without their permission.Matsumoto concluded that after dipping into investor money from one of the hedge funds to keep his drug company startup afloat, Shkreli “used some the funds to satisfy both personal and unrelated professional obligations”, including a $900,000 debt for a bad stock market trade, she wrote.The ruling could allow for a 10-year or longer sentence – although Matsumoto is not bound by the guidelines on sentencing.Shkreli is perhaps best known for boosting the price of a life-saving drug, Daraprim, by 5,000% and for his aggressive attacks on critics on social media, where he became known as “Pharma Bro”. At a hearing last week, prosecutors asked the judge to order Shkreli to forfeit about $7.3m in assets, including a one-of-a-kind Wu-Tang Clan Once Upon a Time in Shaolin album that he has boasted he bought for $2m, as part of the punishment. The judge hasn’t ruled on that request but she rejected a bid by Shkreli’s lawyers to reverse his criminal conviction.One of Shkreli’s attorneys, Ben Brafman, said in a statement that he was “disappointed by the ruling but still hopeful that the court will find it in her heart to impose a reasonably lenient sentence”.Shkreli’s bail was revoked last year after he posted a veiled threat against Hillary Clinton on Twitter. Read more Support The Guardian Since you’re here… Share on Pinterest @dominicru Share on Messenger Share on Twitterlast_img read more