A jury returned guilty verdicts Friday against Martin Shkreli, former CEO of Turing Pharmaceuticals, on one count of conspiracy to commit securities fraud and two counts of securities fraud after a trial that lasted more than a month, according to CNBC.
Mr. Shkreli was acquitted of five other charges related to a pharmaceutical company he founded, Retrophin, and hedge funds he ran.
Prosecutors argued that Mr. Shkreli lied to multiple investors causing them to pour millions of dollars into his two hedge funds, MSMB Capital and MSMB Healthcare. Prosecutors further alleged he falsely claimed to have excellent management of the funds and that the investment strategy was low risk. Mr. Shkreli also falsely sent out financial statements to investors claiming positive returns, even though he lost much of their money, according to prosecutors.
Mr. Shkreli is notorious for raising the price of a life saving drug by more than 5,000 percent in 2015 while CEO of Turing Pharmaceuticals.
Mr. Shkreli faces up to 20 years in prison.