Jury Could Have Martin Shkreli Verdict As Soon As Friday

Now that former Turing Pharmaceuticals CEO Martin Shkreli has decided not to testify in his own defense, the jury could reach a verdict as soon as Friday afternoon. Closing arguments are beginning Thursday, as Shkreli lawyer Benjamin Brafman bets that he poked enough holes in the prosecution’s case to give his client a reasonable shot at a “not guilty” verdict.
After the defense let its case rest without calling any witnesses or producing any evidence, Shkreli’s lawyers lost a long-shot bid to get their client off by motioning for the judge to drop the charges on the grounds that the eight-count indictment included “insufficient evidence.” The bid was quickly rejected, according to CNBC.

“The rejection sets the stage for a very long, full day of closing arguments in the case by prosecutors and Shkreli's lawyers Thursday, with those arguments only expected to wrap up Friday morning.


Jurors could then begin deliberations later Friday, exactly one month after opening arguments were made in the trial.”

Meanwhile, in an ill-timed release (though it presumably won’t influence the jury, which has been instructed to avoid Shkreli-related media), New York State listed Shkreli as No. 14 on its July list of the biggest tax delinquents in the state, claiming he owes $4 million.

However, Brafman disputed the government’s claims in a statement to the New York Post.

“…Shkreli, ‘through his lawyers and accountants, has been negotiating a payment plan with the IRS and New York State authorities that has been accepted by them. He is not a delinquent taxpayer.’”

Shkreli, once reportedly worth $100 million, is now reportedly close to penniless following a series of trading losses and expenses related to his defense.

Shkreli reportedly waived his right to a separate trial by the same jury to determine how much of his assets should be forfeited if he’s found guilty, possibly a sign that the Shkreli – who has vehemently proclaimed his innocence – believes he will be exonerated.

While arguing their case, prosecutors presented evidence that Shkreli mislead investors about the size of their investment returns, and then became evasive when some asked for their money. They’ve also shown records of employment agreements hiring some of these same investors as consultants at Retrophin, a pharmaceutical company Shkreli co-founded. Through the agreements, Shkreli made his investors whole with salaries and stock paid out by Retrophin. Prosecutors’ allege Shkreli improperly embezzled this money from the company to pay off his personal debts. Shkreli is facing eight counts of wire and mail fraud.

Shkreli defense lawyer Brafman tried to portray his client as a brilliant, hardworking financier who’s borderline-autistic social skills brought him into conflict with his investors and the board of his former company. Papers have called it “the born this way defense.” Shkreli originally attracted media attention after his former company, Turing Pharmaceuticals, raised the price of the toxoplasmosis drug Daraprim by 5,000%, earning Shkreli the label of “the most hated man in America.”


COSMOS yomutti2 Thu, 07/27/2017 - 12:14 Permalink

Listen I used to feel the same way after being given the CNN brainwashing. But as someone on ZH mentioned before if you go to his youtube channel and you watch some of his videoblogs on the market and he even has some great finance lesson videos (17 of them). You will quickly change your mind about the guy. First of he is very sharp young gentleman and maybe that whole move with the drug was obvious enough to shed a bigger spotlight on big pharma and at the same time earn him some fame even though it was tainted.

In reply to by yomutti2

swmnguy Thu, 07/27/2017 - 11:41 Permalink

I despise Martin Shkreli.  I think he's one of the more obvious sociopaths we've seen lately.  However, that's not a crime.  I don't know enough of the details to have an opinion as to whether he's guilty as charged in this case.  Morally, absolutely; but as we've all seen "moral" and "law" don't cohabit all that often.  He seems like a slimy bastard who ripped off a lot of people without remorse, but if we're going to imprison people for that we've got a long-ass list of arrears to make up.  We could ask Lanny Breuer how he handled that.

chonka Thu, 07/27/2017 - 16:47 Permalink

It's just a shame that when people don't really care to know about about the details of a story, they'll believe anything the media has said about them.Shkreli is actually a pretty humble and helpful dude when he isn't being such a smug prick in the public eye.