'Pharma bro' Martin Shkreli convicted in federal fraud case, found guilty of 3 counts
Source: CNBC
A federal jury found notorious "Pharma bro" Martin Shkreli guilty of multiple criminal charges Friday.
Shkreli, 34, was convicted of some of the eight criminal counts that he had faced, which had included securities fraud and conspiracy to commit both securities fraud and wire fraud, after a more-than-month-long trial in Brooklyn, New York, federal court.
He faces years in prison when he is sentenced.
.......
The charges were unrelated to Shkreli's first claim to public notoriety: raising the price of an anti-parasite drug called Daraprim by more than 5,000 percent in 2015, while heading another company, Turing Pharmaceuticals.
Read more: https://www.cnbc.com/2017/08/04/pharma-bro-martin-shkreli-convicted-in-federal-fraud-case.html
FM123
(10,050 posts)jpak
(41,742 posts)The POS
Doug the Dem
(1,297 posts)But from pain, not arrogance.
WinstonSmith4740
(3,048 posts)The smirk is gone. Can't wait for the sentencing.
And as much as I'd like to see him in a hole for the rest of his life, we all know that won't happen. Chances are he'll end up in a "Club Fed". I still think going "Trading Places" is the answer here. Strip him of all assets. Cash, stocks, bonds, property, record collections, tupperware, I don't care. Take it all. And when he's done the time, put him back on the street with the clothes on his back. And just because he disgusts me so much, I'll go full evil here. Make him sick, and the cost of his medications expensive as hell.
FakeNoose
(32,356 posts)This guy should end up with NOTHING!
WinstonSmith4740
(3,048 posts)Jail time AND losing it all! I'd have settled for one or the other. I like the way you think.
mucifer
(23,374 posts)TheDebbieDee
(11,119 posts)joshcryer
(62,265 posts)You can't leave, mind you, but you have a lot of freedom to move around.
And this guy isn't going to run, he'll do his time, stay to himself, most likely in his room, and won't start shit.
crim son
(27,462 posts)he's the sort of predator who will always survive and even thrive, even if he has to kill to do it. Lock his ass up.
broadcaster90210
(333 posts)irisblue
(32,829 posts)Stealing $ from poor people or HIV+people, no probs. Steal from the 1% = jail time.
Still jail time is good.
gtar100
(4,192 posts)Just like Joe Nacio, former CEO of Qwest, who got convicted of insider trading but not for destroying thousands of retirement accounts of employees whose lives were impacted far more than the insider trading "victims". People lost their life savings, had to cancel retirement plans, and work for additional years because of what he and his cohorts did. He served four years of a six year sentence. And he continues to work hard like any good capitalist would. For example...
http://www.denverpost.com/2016/01/08/nacchio-wins-14-2m-in-lawsuit-against-former-financial-adviser/
Fritz Walter
(4,281 posts)But as frequently happens when one sense is impaired, the other senses ramp up to feed the brain what it needs to survive.
In this case, Justice's hearing was proportionally amplified. So much so that her scales achieved some degree of balance.
Karma and Lady Justice are siblings.
AllyCat
(16,039 posts)Just cutting into some other rich guy's take.
lastlib
(22,982 posts)WOOP! WOOP! WOOP! WOOP! WOOP!
. . . .
. . .
WOOP! WOOP! WOOP! WOOP! WOOP!
. . . .
. . .
blogslut
(37,956 posts)But I am smiling a very big smile.
BigmanPigman
(51,432 posts)I want to see his smug smirk in a few months after he has been living with his cell mates. He rips off investors like Bernie Madoff and purposely hurts thousands of very ill people both financially and physically.
Warpy
(110,913 posts)A smug and smarmy face like his is not going to do well in prison, not even in a minimum security Club Fed.
joshcryer
(62,265 posts)Lives in his little NYC studio pretty much 95% of his day. It's his own little prison.
He'll miss his internet, his guitars, his musical instruments, but he'll have access to books and maybe TV and music (from the radio).
But he most definitely will have to deal with having to associate with the general population. After his first, well, incident (not making the joke that people make, but it'll probably happen), he'll probably get solitary, which would suite him fine. Psychologically, mentally, the 1-2 years he'll actually get will pass very quickly. Then he'll get house arrest for another 3 years or something like that. Very similar to Martha Stewart, imo (as far as sentencing mind you, not comparing them as personalities; Stewart was a fall person for a stupid decision she made).
canetoad
(17,090 posts)K&R
marylandblue
(12,344 posts)Another arrogant SOB who thought he was untouchable then painted a big "indict me" sign on his back.
LittleGirl
(8,261 posts)Because of his fraud and greed?
Lock him up!
underpants
(182,285 posts)Downtown Hound
(12,618 posts)just for this punk ass creep.
Yavin4
(35,357 posts)All he needs now is some sort of lab accident or experiment gone bad to transform him.
hatrack
(59,446 posts)catbyte
(34,175 posts)Backpfeifengesicht. It's a German phrase, roughly translated as "A face badly in need of a fist."
volstork
(5,394 posts)Applies perfectly in this case.
joshcryer
(62,265 posts)He did, after all, what hedge fund managers do on a daily, hourly basis, who are doing this shit right now, making schemes, setting up fake pharmas, selling useless drugs with near zero efficacy, and doctors who prescribe the shit out the wazoo for kickbacks. The whole system is a house of cards and until the FDA gets either more oversight or another admin is created to reign that shit in, it'll continue.
And this guy was just a distraction from the bigger fish, when all is said and done, like Stewart was. Stewart gets a phone call and prison time (albeit a nice prison), during the same time Maddoff was doing his stuff. Maddoff only got caught because the bubble burst and he couldn't keep it secret. Had there been no bubble burst Maddof would probably still be a free man doing his stuff.
bucolic_frolic
(42,681 posts)jmowreader
(50,453 posts)The time: A Monday morning, many months ago
The place: The Manhattan offices of Jacoby & Meyers, the only law firm who'd touch Martin Shkreli with a ten-foot pole
"Good morning. Welcome to this week's client assignation meeting. We've got some great cases coming up that I know you'll have a great time handling. It's a fantastic day to be a lawyer, isn't it?"
(Coffee cups and bagels are raised in the air to celebrate the joys of lawyering...)
"Mary, you'll love the case I've got for you. It's a guy who robbed thirty banks and made off with half a billion dollars before he got caught."
'Do I have an account with any of those banks?'
"Uhh...ho. You're fine."
"John, this is an unusual case. Some guy just got caught running a child pornography ring."
'What's so unusual about that? Lots of people get caught running child pornography rings.'
"He was running it from inside a prison."
'How the hell did he do that? Wait...don't tell me. I'll take care of it.'
"And now...for the worst case of all. I sat up all weekend thinking of the right lawyer to handle this case. Drum roll, please..."
(Fifty lawyers begin playing the tabletop with their hands, like it was the world's biggest conga drum.) "Susan, you're defending the Pharma Bro."
'Come on, Alan, what the hell did I ever do to you? Why me?'
"Let me explain why I picked you to defend that loathsome fuck. First, you just graduated from law school. As the low man...well, low woman...on the totem pole, you get the worst case. It's not going to be all that hard of a case. You know he's going to lose, so you don't have to argue all that hard. The trial will take about a month, so you'll have an excuse to go buy more suits. And it comes with a special incentive: He's up on eight charges. If you manage to persuade the jury to not try to convict him for crimes he hasn't been charged with yet, I'll pay off your school loans and give you an honorable criminal like a heroin kingpin for your next case."
oberliner
(58,724 posts)http://wtop.com/business-finance/2017/08/jury-deliberates-for-5th-day-at-martin-shkrelis-fraud-trial/
hamsterjill
(15,214 posts)Life might be hard in prison for someone with Mr. Shkreli's reputation. Awww....
Coventina
(26,874 posts)samnsara
(17,572 posts)SunSeeker
(51,378 posts)whathehell
(28,969 posts)volstork
(5,394 posts)BlancheSplanchnik
(20,219 posts)Honeycombe8
(37,648 posts)Dopers_Greed
(2,640 posts)Smug a-hole
LW1977
(1,227 posts)Old Crow
(2,212 posts)Hope your sentence winds up on the higher end of the guidelines, Shkreli.
47of74
(18,470 posts)That makes my day!
jmowreader
(50,453 posts)There are some people who just deserve a sound beating, and Shkreli is at the top of the list. Ya gotta wonder how many swirlies he got when he was in high school.
47of74
(18,470 posts)kairos12
(12,817 posts)C Moon
(12,188 posts)What? 1.5 years, in a comfortable white collar prison?
Although, there is a good article here about "white collar" prisons. Doesn't sound very nice...
http://www.businessinsider.com/white-collar-prisons-2013-12
joshcryer
(62,265 posts)Though his time will be longer. I'm going to say 1-2 years actual prison, 3 years house arrest, 5 years probation. Since no investors actually lost money (they gained money due to his shenanigans, effectively gambling on their money) the judge will be lenient. But federal rules still stipulate, when you do the convoluted math on it, that he gets 4 to 6 years. I'm going to go with since he didn't actually lose anyone money the judge will give him a break. And since he's a literal hermit (he never leaves his apartment) he'll deal with it fine.
He was, sad to say, small potatoes, and only really got convicted because he was an immense internet troll who just wouldn't shut the fuck up. Literally got banned from twitter for being such an asshole.
Hate to come off as a defender of him here but there are much bigger guys out there who are doing way more shady shit and they aren't getting caught because they know how to use the system, lobby effectively, and have the right connections.
C Moon
(12,188 posts)Yo_Mama_Been_Loggin
(107,112 posts)broadcaster90210
(333 posts)NT
SHRED
(28,136 posts)Justice rarely lands on the wealthy.
liberaldemocrat2024
(12 posts)Of course they wouldn't say it but it's likely these criminals charges against him were a result of him fixing drug prices and charging more than 5000 percent of the original price.
The federal government has got him and unfortunately because of his greed and arrogance, he will have no public support at all.
ProgressiveValue
(130 posts)Hope years in a cell wipes that fucking smirk off his face! Rot in hell you piece of shit!
truthisfreedom
(23,113 posts)Earned his just desserts.
whistler162
(11,155 posts)in Florence Colorado.