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'Pharma Bro' Martin Shkreli Convicted of Securities Fraud

Martin Shkreli
Seth Wenig/AP

"This was a witch hunt of epic proportions."

Martin Shkreli has been convicted of three of eight counts of securities fraud, and faces up to 20 years in prison, though it's likely he'll get much less, experts say. According tothe Washington Post, the "Pharma Bro" said, "This was a witch hunt of epic proportions," and, "They may have found some broomsticks."

Federal prosecutors accused Shkreli of cheating investors out of more than $11 million between the years 2009 and 2014. He reportedly lied, telling investors his hedge fund was profitable and that he hired an auditor--both were argued to be falsehoods. They also said he mismanaged money, using funds from his pharmaceutical company Retrophin to cover personal loans and debts.

Shkreli rose to infamy two years ago when he raised the price of Daraprim, an important drug used by AIDS patients, by 5,000 percent, or from $13.50 per pill to a whopping $750. (He even lamented that he didn't raise it more). While this controversy is unrelated to today's conviction, it certainly set a tone for Shkreli's court case, beginning with the difficult process of finding potential jurors who didn't already loathe him.

"Rarely has a white-collar criminal defendant evoked hatred and scorn from public in the way Shkreli has," James Goodnow, an attorney with Fennemore Craig, told the Washington Post. "Shkreli's willingness to lie, step on people, flaunt his wealth and look down on others made him a villain that many wanted to see go down in flames."

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