$65M at stake in fraud trial for 'Pharma Bro' Martin Shkreli

Judith Bessette
Julho 29, 2017

After the encounter, a visibly frustrated U.S. District Judge Kiyo Matsumoto chastised Shkreli and ordered him to stop talking to the media in the courthouse where jurors could potentially hear him.

In a rambling rant posted to Facebook after closing arguments in his securities case, former Turing Pharmaceutical CEO Martin Shkreli threatened to sexually assault a journalist he had previously stalked on Twitter that led to his banning. Shkreli is charged with defrauding investors at two hedge funds that he founded, MSMB Capital and MSMB Healthcare.

Attorney Ben Brafman made the claim Friday during closing arguments in federal court in NY.

Assistant U.S. Attorney Alixandra Smith began Thursday with prosecutors' closing argument, telling jurors that Shkreli wooed investors by falsely claiming that MSMB Capital had an outside auditor and managed assets worth tens of millions of dollars. She said Shkreli used his other fund, MSMB Healthcare, to funnel money into Retrophin, which he founded in 2011. Shkreli told investors that he had a successful track record as a hedge-fund manager and sent them false performance reports and backdated documents to cover up his losses, prosecutors allege.

Kasulis told the jurors it did not matter that Shkreli's hedge fund investors were paid back by Retrophin. During the trial, the defense team did not offer any witnesses, and Shkreli did not testify. He said that Shkreli slept in a sleeping bag in his office for two years as he tried to make Retrophin a success. "Maybe he screwed up, maybe he made mistakes", the attorney said, but "Martin Shkreli was always truthful to the mission to make Retrophin a success".

Shkreli's lawyer, Benjamin Brafman, described him as someone who "travels to the beat of a very unique drummer".

How major U.S. stock market indexes fared on Friday
Verizon surged 7.27 percent to a three-month high after the company reported quarterly subscriber additions that topped estimates. However, losses in Amgen, Johnson and Johnson and Celgene led to a 0.32 percent drop in the healthcare sector.

Brafman repeatedly called the complaints of investors who made money "rich people B.S". He told one investor that he wanted to be like Steve Cohen, the billionaire hedge fund investor.

In January, Duca made headlines for spurning the 34-year-old failed hedge fund manager - saying she'd rather commit self-cannibalism than go out with him.

"Of course Mr. Shkreli is a smart man".

This is not the first time Shkreli has referred to the prosecutors as "junior varsity".

The case has captured the public's attention as much for the charges Shkreli faces as his outsize personality.

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