Martin Shkreli, the former CEO of Turing Pharmaceuticals who gained notoriety for inflating the price of a life-saving anti-infection drug, plans to appeal his securities fraud conviction and seven-year prison sentence, according to CNBC.
Mr. Shkreli was convicted of one count of conspiracy to commit securities fraud and two counts of securities fraud in August 2017. During the trial, prosecutors claimed Mr. Shkreli lied to multiple investors, causing them to pour millions of dollars into two hedge funds he ran. Further, prosecutors said Mr. Shkreli sent out fraudulent financial statements to investors claiming positive returns when he actually lost their money.
Although prosecutors sought a 15-year prison sentence for his crimes, U.S. District Court Judge Kiyo Matsumoto sentenced Mr. Shkreli to seven years in prison March 9. Immediately following the sentence, Mr. Shkreli requested to serve his prison sentence at a minimum security camp.
A judge agreed to Mr. Shkreli's request to serve his prison sentence at a minimum security camp March 27. On the same day, Mr. Shkreli's lawyers filed a notice of appeal of his conviction of securities fraud. The appeal could take a year or more to resolve.
Mr. Shkreli will remain in prison as the appeal is addressed, according to the report.