“Martin Shkreli became notorious for raising the price of a potentially life-saving HIV drug by 5,000 percent overnight and getting banned from Twitter for harassing a female journalist.
“His criminal fraud trial in Brooklyn, New York, had nothing to do with any of that, however.
“It was about whether laws were broken when the fund manager got in a hole and lied about it. He managed to make up the losses before getting caught, but that didn’t keep him from being convicted of fraud Aug. 4.
“He was accused of lying to investors about two, now-defunct, hedge funds that he managed, MSMB Capital and MSMB Healthcare.
“Prosecutors said he ran a Ponzi-like scheme, using investors’ money to start a drug company, Retrophin Inc., and later looting $11 million of Retrophin assets to pay them off.”
Read more at Fortune.com
