Martin Shkreli is found guilty of three of eight securities fraud charges

[dixiegrrrrl]

New York —Martin Shkreli was convicted of three of eight counts of securities fraud Friday.

He faces up to 20 years in prison, though legal experts say he is likely to get much less.

https://www.washingtonpost.com/news/business/wp/2017/08/04/martin-shkreli-jury-enters-fifth-day-of-deliberations/?tid=ss_tw&utm_term=.2fe1582bcb67

Happy dance, anyone???

edited to add: What prosecutors characterized as the cunning of a chronic liar, the defense called the quirks of a genius.

[BigmanPigman]

1. Was it televised? I want to see his smug smirk when the verdict came in.

[NurseJackie]

2. Probably looked something like this...

[Laffy Kat]

3. He looked exactly like that when he was outside talking to reporters.

He claims it was a huge win. As for the three felonies he was found guilty of, "We still have a little work to do." The smug asshole.

[pokerfan]

7. His attorney said that Shkreli will develop cures to terrible diseases that afflict children

Your client is a hedge fund manager and con man. He creates nothing.



Backpfeifengesicht
German
Etymology
From Backpfeife +? Gesicht.

Backpfeifengesicht n (genitive Backpfeifengesichts or Backpfeifengesichtes, plural Backpfeifengesichter)

(colloquial) a face in need of a slap

https://en.wiktionary.org/wiki/Backpfeifengesicht

[mythology]

4. Wonderful news

[TEB]

5. Good news

[dalton99a]

6. Sweet karma

[Rustyeye77]

8. Enjoy prison , asshole.

You screwed people and now youre going to jail.

[malaise]

9. Lock him Up

Throw away the keys

[suffragette]

10. Guilty, guilty, guilty

[Scurrilous]

11. K&R

[nitpicker]

12. From the DoJ PR

https://www.justice.gov/usao-edny/pr/former-hedge-fund-manager-convicted-multi-million-dollar-fraud-scheme

(snip)
Martin Shkreli was convicted today by a federal jury in Brooklyn of three counts of a superseding indictment charging him with securities fraud and securities fraud conspiracy. The verdict followed a six-week trial before United States District Judge Kiyo A. Matsumoto. Shkreli was the founder and managing member of hedge funds MSMB Capital Management LP (MSMB Capital) and MSMB Healthcare Management LP (MSMB Healthcare), and the former Chief Executive Officer of Retrophin Inc. (Retrophin), a biopharmaceutical company that trades under the ticker symbol RTRX.
(snip)

The evidence at trial established that Shkreli, who was convicted on Counts Three, Six and Eight of the superseding indictment, alleging securities fraud (Counts Three and Six) and securities fraud conspiracy (Count Eight), executed three schemes to defraud investors:

As charged in Count Three of the superseding indictment, between 2009 and 2014, Shkreli used false representations and omissions to induce investors to invest more than $3 million in MSMB Capital. Subsequently, following trading losses, Shkreli sent fabricated performance updates to investors, boasting that the fund had made big profits when, in fact, it had sustained disastrous losses. In addition, Shkreli withdrew more than $200,000 from MSMB Capital, far more than the one percent management fee and the 20 percent net profit incentive allocation permitted by the partnership agreement.

As charged in Count Six, between 2011 and 2014, Shkreli used false representations and omissions to induce investors to make more than $5 million in investments in MSMB Healthcare. Additionally, Shkreli used MSMB Healthcare assets to pay obligations that were not MSMB Healthcare’s responsibility. As with the MSMB Capital Scheme, Shkreli withdrew more from MSMB Healthcare than the one percent management fee and the 20 percent net profit incentive allocation permitted by the partnership agreement.

As charged in Count Eight, between 2012 and 2014, Shkreli and others conspired to engage in a scheme whereby they recruited individuals, including Retrophin employees and contractors, to be nominee shareholders for the majority of Retrophin’s free trading shares. Shkreli and his co-conspirators did this to obtain beneficial ownership over these shares for Shkreli while avoiding requirements that would otherwise have required Shkreli to report his control over these shares, in an attempt to control the trading volume and share price of Retrophin. At times, Shkreli and others not only prevented nominee employees from selling these shares, but also directed that some of these shares be used to settle liabilities owed by the MSMB Funds and Shkreli.
(snip)

[smirkymonkey]

13. Lock the punk up!

I hope he has a rough time in prison. Who wouldn't want to beat the shit out of him?