Second Circuit Upholds 'Pharma Bro' Martin Shkreli's Fraud Conviction, $7.3M Asset Forfeiture
The New York City-based federal appeals court upholds Martin Shkreli's conviction on securities fraud and conspiracy charges.
July 18, 2019 at 11:15 AM
3 minute read
The original version of this story was published on New York Law Journal
The New York City-based federal appeals court on Thursday morning upheld Martin Shkreli's conviction on securities fraud and conspiracy charges, along with an order requiring him to forfeit $7.3 million to the government.
The U.S. Court of Appeals for the Second Circuit, in a seven-page summary order, rejected claims from the disgraced pharmaceutical executive that the judge in his case had relayed incorrect and confusing jury instructions, leading to a split verdict in 2017 that cleared him of five other counts, including wire fraud.
A Brooklyn federal judge the following April sentenced Shkreli, the former CEO of Turing Pharmaceuticals, to serve seven years in prison, pay a fine and restitution and forfeit more than $7.3 million acquired through what prosecutors said amounted to a Ponzi scheme to defraud investors in his two hedge funds.
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