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Pharmadouche Martin Shkreli found guilty of fraud, faces federal prison time

on August 04, 2017, 2:54pm

Pharmadouche Martin Shrkeli has been found guilty of securities fraud and faces several years in a federal prison.

According to the Washington Post, Shrkeli was convicted on three of the eight charges leveled against him by federal prosecutors, which included securities fraud and conspiracy to commit both securities fraud and wire fraud. Prosecutors accused Shkreli of taking stock from his biotechnology firm Retrophin and using it to pay off debts from unrelated business dealings.

The one-time pharmaceutical CEO first gained notoriety for his price-gouging of Daraprim, a drug used by AIDS and cancer patients. In 2015, Shrkeli’s company raised the price of a single pill from $13.50 to $750.

Shrkeli also made headlines for his eccentric behavior and outlandish purchases. Most notably, he spent $2 million to acquire the lone copy of Wu-Tang Clan’s The Wu – Once Upon A Time In Shaolin. He later threatened to destroy the album and got into a verbal spar with Wu-Tang’s Ghostface Killah after the rapper referred to Shrkeli as a “shithead.” Shrkeli also claimed to have purchased tracks from Lil Wayne’s long-unreleased album Tha Carter V.

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