Former "most hated man in America" Martin Shkreli convicted on three counts of fraud

 
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Jury Deliberations Continue In Martin Shkreli Securities Fraud Trial
Shkreli was pleased with the outcome (Source: Getty)

The man who rose to notoriety after his pharmaceuticals firm massively raised the price of a potentially life-saving drug by 5,000 per cent has found himself in hot water yet again.

Martin Shkreli, former boss of Turing Pharmaceuticals, has been found guilty on three counts of securities fraud in the US.

But a jury cleared him of five other counts, leading Shkreli to say he was pleased with the result.

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"This was a witch hunt of epic proportions," he said in New York after the verdict.

"And maybe they found one or two broomsticks but at the end of the day we've been acquitted of the most important charges in this case and I'm delighted to report that."

The charges related to two of Shkreli's other companies: the hedge fund MSMB Capital Management and biotechnology firm Retrophin.

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He was found guilty of lying to investors to gain more capital for his faltering hedge funds, but was cleared of illegally raiding Retrophin's assets to pay back investors.

Shkreli was branded "the most hated man in America" in 2015 after Turing Pharmaceuticals acquired the license for Daraprim and raised the price from $13.50 a pill to $750 a pill. The antiparasitic drug is commonly used to treat or prevent various diseases affecting patients with HIV or AIDS.

The debacle was so widely covered that it took three days to find jurors for the fraud trial who did not have an existing opinion of him.

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