‘Pharma Bro’ Martin Shkreli’s attorney reportedly argues for securities fraud conviction to be tossed
The legal team behind former pharmaceutical executive Martin Shkreli is reportedly working to get the so-called “Pharma Bro’s” securities fraud conviction overturned.
Shkreli’s attorney brought the request before a federal appeals court in New York City, The Associated Press reported Friday. They reportedly argued that the trial judge provided jury members with unclear instructions about the law and as a result, the guilty verdict should be tossed out.
However, a prosecutor disagreed, arguing that they were appropriate instructions, the outlet said. A decision on the matter is reportedly anticipated to come at a later date.
Shkreli is currently behind bars after he was handed a seven-year prison sentence last year. He had been found guilty of securities fraud.
During the trial, prosecutors argued that he deceived his investors by not telling them when he made a bad stock bet that led to huge losses. In addition, they accused him of raising more money to pay off other investors or took money and stock from Retrophin, a pharmaceutical company he ran.
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He separately gained notoriety while he was the top executive of Turing Pharmaceuticals for boosting the cost of Daraprim, an AIDS drug, by 5,000 percent.
Fox Business’ Brittany De Lea, Mike Obel and The Associated Press contributed to this report.