Martin Shkreli, who became a national symbol of pharmaceutical company villainy after massively increasing the price of a drug, has been convicted on securities fraud charges, according to CNBC. He’s now facing years in prison.
Shkreli’s trial in federal court focused on prosecutors’ claims that he misled investors who had placed money into two hedge funds he ran. After the operations went south, prosecutors said Shkreli misused funds from another drug company he led, called Retrophin, to pay off the hedge fund investors. He faced eight charges, but according to CNBC, was convicted of three: two counts of securities fraud and one count of conspiracy to commit securities fraud.
The charges did not tie into the incidents that first brought Shkreli infamy. As CEO of Turing Pharmaceuticals, Shkreli raised the price of a drug used by some AIDS patients from $13.50 per pill to $750, resulting in a public outcry that …