2017 fraud trial awaits ‘Pharma Bro’ Shkreli

Indicted on securities and wire fraud, and conspiracy charges in December 2015 and facing an additional charge of conspiracy filed by federal prosecutors in an updated indictment in early June, former pharmaceutical executive Martin Shkreli will face trial in June 2017.

The former CEO of biotech firm Retrophin and Turing Pharmaceutical is accused of illegally funneling funds from Retrophin to reimburse investors in MSMB Capital Management, a hedge fund Shkreli co-founded.

Shkreli pleaded not guilty to all charges and has maintained he is the victim of politically motivated investigation stemming from his August 2015 acquisition of the manufacturing license for Daraprim.

Once acquired, Shkreli immediately raised the price of the drug by more than 5,000 percent, from $13.50 to $750 per tablet.

After attempts to quash a subpoena to testify in Congress over his price gouging failed, Shkreli invoked the Fifth Amendment during a combative appearance in front of the House Committee on Oversight and Government Reform in February.

After refusing to testify, Shkreli later taunted Congress on social media.

Shkreli and co-defendant Evan Greebel, a former attorney for Retrophin, are scheduled to be tried together, although Greebel’s attorneys are seeking an October 2017 trial date.

In scheduling Shkreli’s trial date, U.S. District Judge Kiyo Matsumoto also set a potential second trial date for October 2017 should Shkreli’s attorney, Benjamin Brafman, file a motion for a separate trial.

Shkreli has stated he did not commit any crimes.

 

[Reuters] [Photo courtesy Pete Marovich/Bloomberg via Getty Images, Huffington Post]