| Arwa Madhawi Read moreThe jury of seven women and five men reached their verdict on the fifth day of deliberations after a month-long federal fraud trial. He had boasted he had $40m in hedge funds that only had about $300 in the bank, assistant US attorney Alixandra Smith said in closing arguments. Prior to the trial, Shkreli boasted he would be acquitted entirely because he was “so innocent” and jurors would apologize to him. The two other hedge funds and a pharmaceutical company called Retrophin he created all spiraled towards collapse. Prosecutors argued Shkreli illegally used Retrophin assets to pay back the investors from his busted hedge funds.

Source: The Guardian August 04, 2017 18:57 UTC