Martin Shkreli, the so-called “Pharma-Bro,” was found guilty of three counts of securities fraud, at the conclusion of a five-week federal trial. Shkreli became infamous when, as the head of Turing Pharmaceuticals, he raised the price of the decades-old generic Daraprim (pyrimethamine) from $13.50 a pill to $750 in August 2015.
Initially charged with eight fraud and conspiracy counts, Shkreli was found guilty for his activities at two hedge funds he helped manage before Turing, and for using profits from another pharmaceutical company, Retrophin, to pay down losses. A sentencing date has not been set.
Shkreli has been held up as the personification of pharmaceutical industry greed, and vilified on Capitol Hill in a broader push to rein in prescription drug prices. Turing and Retrophin were part of a Senate investigation exploring the business models of small companies that would acquire generics and create a monopoly before dramatically raising prices.