Martin Shkreli, the former pharmaceutical CEO who caught fire for hiking drug prices, was convicted Friday on three federal charges that he deceived investors in a pair of failed hedge funds.
The 34-year-old Shkreli faced eight charges of conspiracy and securities and wire fraud. He faces as much as 20 years in prison, although he’s likely to serve much less.
Shkreli became a household name in 2015, when his company, Turing, purchased a life-saving drug used for AIDS and transplant patients and sharply increased the price by 5,000%. He was a lightning rod for criticism over the price hike, as well as his behavior during congressional hearings on drug prices. He became known as the "Pharma Bro" for his snide personality on social media.
Shkreli was arrested in late 2015 on securities charges. The case, heard in a federal court in New York, focused on allegations that he blew investors' money on bad stock picks before raiding his drug company of stock and cash to pay them back. Shkreli called the fraud charges "bogus."
But the case was tricky for the government because wealthy investors conceded that Shkreli's scheme actually succeeded in making them richer, in some cases doubling or even tripling their money.
A Brooklyn jury deliberated five days before finding Shkreli guilty on three of eight counts. He faces up to 20 years in prison.
The Associated Press contributed to this report.