‘Pharma Bro’ Martin Shkreli’s securities fraud conviction will stand, court rules

Martin Shkreli reportedly using contraband cell phone to conduct business in prison

Former corrections officer Capt. Robert Johnson on reports former Turing Pharmaceuticals CEO Martin Shkreli is using a contraband cell phone to conduct business from prison.

The securities fraud conviction against former pharmaceutical executive Martin Shkreli, which resulted in the so-called “Pharma Bro” being sent to prison, will stand, a federal appeals court reportedly ruled on Thursday.

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In addition to the guilty verdict, the court also upheld a properties forfeiture that totaled more than $7 million, The Associated Press reported.

Shkreli is currently behind bars after he was handed a seven-year prison sentence last year.

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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.

The court’s ruling Thursday followed efforts by Shkreli’s legal team last month to get his conviction overturned.

His attorney brought the request before a federal appeals court in New York City and argued that the trial judge provided jury members with unclear instructions about the law, The Associated Press previously reported. However, a prosecutor disagreed, arguing that they were appropriate instructions.

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Shkreli is separately infamous for boosting the cost of Daraprim, an AIDS drug, to $750 from $13.50 while he led Turing Pharmaceuticals.

Fox Business’ Brittany De Lea and Mike Obel contributed to this report.