New York Martin Shkreli was convicted of three of eight counts of securities fraud Friday.
He faces up to 20 years in prison, though legal experts say he is likely to get much less.
Shkreli was dressed in a short-sleeve polo shirt and shook his head in apparent disbelief when the first guilty verdict was read. His father in the front row put his head in his hands.
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Rarely has a white-collar criminal defendant evoked hatred and scorn from public in the way Shkreli has. Shkrelis 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, said James Goodnow, an attorney with Fennemore Craig, a corporate defense firm.
Prosecutors argued that Shkreli lied to investors in two hedge funds and the pharmaceutical company Retrophin, all of which he founded. Shkreli told investors he graduated from Columbia University, that his hedge fund was large and profitable, and that he had hired an auditor, they said. These were all lies, according to prosecutors.
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Shkreli who has been nicknamed Pharma Bro on social media burst onto the national scene last year after raising the price of a vital drug used by AIDS patients by 5,000 percent and then publicly lamenting that he didnt raise it more. He appeared to relish in the largely negative backlash, smirking his way through a congressional hearing on rising drug prices and battling reporters on Twitter.
