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Martin Shkreli responsible for $10.5m in securities scheme losses, judge rules
Source: The Guardian and agencies
Martin Shkreli responsible for $10.5m in securities scheme losses, judge rules
Decision could result in a harsher sentence for the ‘Pharma Bro’ CEO who faces up to 20 years in prison
Dominic Rushe in New York and wires
Mon 26 Feb 2018 21.03 GMT
In a significant blow to the fortunes of 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 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.
-snip-
Decision could result in a harsher sentence for the ‘Pharma Bro’ CEO who faces up to 20 years in prison
Dominic Rushe in New York and wires
Mon 26 Feb 2018 21.03 GMT
In a significant blow to the fortunes of 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 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.
-snip-
Read more: https://www.theguardian.com/us-news/2018/feb/26/martin-shkreli-responsible-for-105m-in-securities-scheme-losses-judge-rules
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