A former pharmaceutical company executive will remain in prison, having lost an appeal on his securities fraud case. Martin Shkreli asked a federal appeals court to overturn a 7-year sentence on his 2017 fraud conviction.
The US 2nd Circuit Court of Appeals refused to set aside his sentence by a 3-0 vote. In addition, the Court ordered Shkreli to forfeit $7.3M, and pay more than $463,000 in restitution and fines. As the CEO of Turing Pharmaceuticals, Shkreli raised the price of a low-cost HIV treatment by more than 5,500%.
The price hike for the drug Daraprim was not related to his securities fraud conviction. Instead, investigators said that Shkreli misled investors in two hedge funds he also ran, as well as another pharmaceutical company, Retrophin. The 2nd Circuit Court of Appeals agreed that Shkreli repeatedly lied to hedge fund investors, and then used investor funds to start Retrophin. Shkreli argued that the large investment returns from Retrophin invalidated any harm investors may have suffered.
In August 2017, a federal jury found Shkreli guilty of just three of eight charges. In his appeal, Shkreli claimed that the judge’s instructions confused the jury, leading them to an unjust guilty verdict. His attorney said that they are unlikely to seek a vote from the entire 2nd Circuit Court panel. Instead, they may seek an appeal from the US Supreme Court. Shkreli is currently serving his sentence at a low-security facility in Allenwood, PA. He is scheduled for release in 2023.
Ventura securities fraud attorney
When you face charges for investment fraud, hire an experienced securities fraud attorney like Robert Helfend. Mr. Helfend takes securities fraud cases in any US District Court. He also takes state-level cases in Ventura County and throughout Southern California.
Securities fraud cases can be complex. Your defense attorney needs to bring together expert witnesses to testify on your behalf. Additionally, your defense must fight aggressively on your behalf, since federal prosecutors are very well-funded.
Don’t rely on an inexperienced defender and don’t assume that a plea agreement is in your best interest. Contact Robert Helfend or call toll-free at (800) 834-6434, (805) 273-5611, (310) 456-3317 or (818) 591-2809 for an immediate consultation on your Ventura County securities fraud case.
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