Categories Finance, LATEST, U.S. Markets News

Martin Shkreli bitten by Karma; Held liable for investor losses

Martin Shkreli’s notorious brilliance in pumping up the price of Daraprim, an antiparasitic drug, by 5,000% had earned him the sobriquet – The most hated CEO – in 2015.

Now, after three years, Shkreli aka “Pharma Bro” is staring at a decade-long sentence after being convicted in an unrelated case. Karma is like a boomerang, or so they say!

Courtesy : Wikimedia Commons

Shkreli is accused of misleading his investors about two of his failed hedge funds, and is held responsible for causing losses of around $10.4 million. Shkreli hid the losses from his investors, started the drug company Retrophin and then used its assets to pay them back. He even made a profit. But the prosecution argued that Shkreli did not deserve credit for this repayment because he made risky investments without the knowledge or permission of his investors using their money.

This ruling comes as a blow to the defense lawyers who were pushing for a lighter sentence.

The court rejected the defense’s argument that there was no loss as the investors had gotten back their money along with some more. The judge pointed out that by the time Shkreli had started to move the money from Retrophin to his hedge fund, the fraud had already been spotted.

The sentence, which could go up to 20 years of imprisonment, is set for March 9.

Most Popular

Earnings calendar for the week of May 17

Benchmark stock indexes pared their recent gains early this week amid elevated inflation concerns, but regained a part of the momentum later aided by recovery in tech stocks. The Dow

Aurora Cannabis (ACB) Earnings: 3Q21 Key Numbers

Aurora Cannabis Inc. (NYSE: ACB) reported third quarter 2021 earnings results today. Total revenues fell 25% year-over-year to CAD55.1 million. Adjusted EBITDA loss amounted to CAD24 million. Cash balance as

Walt Disney (DIS) Q2 revenue down 13%; earnings beat estimates

Media behemoth The Walt Disney Company (NYSE: DIS) reported second-quarter revenues that declined from last year as customers stayed away from theatres and parks due to pandemic-related safety issues and

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top