Martin Shkreli, famously known as the “Pharma Bro” who raised prices on prescription drugs to extraordinary levels, was convicted of securities fraud on Friday.
He was officially charged with eight separate counts of fraud-related offenses, and convicted on three: two charges of securities fraud and one charge of conspiracy to commit fraud.
In 2015, Shkreli raised the price of a parasite-fighting drug called Daraprim, which helped individuals with compromised immune systems (like patients with AIDS), by 5,000 percent.
His conviction today involving the securities fraud charges did not have anything to do with his notorious increases in drug prices, but rather financial losses in hedge funds he tried to cover up back in 2009.
Shkreli faces up to 20 years in prison as the maximum sentence.
This articles was published on reverepress.com