Martin Shkreli Found Guilty of Fraud
The pharmavillain now faces 20 years in prison
Published Aug 04, 2017When he's not price-gouging in the world of big pharma, Martin Shkreli is best known for lording anticipated, unreleased rap music over listeners' heads. However, the leaks may be few and far between after being found guilty of fraud.
As the New York Times reports, Shkreli was convicted on three of eight counts of securities and wire fraud today (August 4) by a federal court in Brooklyn. He faces as much as 20 years in prison.
Prosecutors had accused Shkreli of using his pharmaceutical company Retrophin to repay defrauded investors in hedge funds MSMB Capital and MSMB Healthcare, both of which were also run by him. Shkreli first became widely known as a pharmaceutical villain for raising the cost of AIDS and cancer drug Daraprim from $13.50 a tablet to $750 a tablet overnight.
From there, he used his wealth to make a mark in the music industry, first purchasing Wu-Tang Clan's one-of-a-kind Once Upon a Time in Shaolin LP for a price in the $2 million range. He then got into a spat with the group's Ghostface Killah, who wanted the "fake ass super villain" to give the album to "the people."
There was also talk of Shkreli buying Lil B's Black Ken mixtape before he reportedly acquired Lil Wayne's oft-delayed Tha Carter V. Shkreli had been leaking songs supposedly included on the disc earlier this year.