Business
12:36, 05-Aug-2017
Ex-US hedge fund manager jailed for securities fraud
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A 34-year-old former US hedge fund manager, Martin Shkreli, was found guilty Friday on three counts in his securities fraud trial.
Shkreli, notoriously known as "Pharma bro", was convicted of three criminal counts, which included conspiracy to commit securities fraud, and two counts of securities fraud, after over a month trial in a federal court in Brooklyn, New York.
The former biotech CEO, who shot to fame in 2015 for raising the price of the anti-parasite drug Daraprim by more than 5,000%, faces up to 20 years in prison when he is sentenced. That increase sent shock wave across US lawmakers as well as patients, which helped Shkreli earned the nickname "Pharma bro".
Prosecutors had accused Shkreli of defrauding investors by repeatedly lying about the performance of funds he controlled, and raiding his company's own assets to provide "returns" to investors.
U.S. Attorney Alixandra Smith, noted in her closing arguments that all of the information the investors got from Shkreli was "false".
(Source: Xinhua)