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News August 7, 2017

Martin Shkreli convicted of fraud, plays Wu-Tang Clan’s $2M LP during chat about it

Martin Shkreli convicted of fraud, plays Wu-Tang Clan’s $2M LP during chat about it

Martin Shkreli, the pharmaceutical executive who bought the rights to cheap anti-parasitic drug Daraprim and increased the price more than 5000%, has proven there is a god.

According to CNBC, he’s now facing years in prison after being convicted on three securities fraud charges: two counts of securities fraud and one count of conspiracy to commit securities fraud.

Prosecutors claimed he misled investors of two hedge funds he ran. Shkreli reportedly misused funds from one of his drug companies, Retrophin, to pay off the investors.

As Shkreli is wont to do, he took to social media yesterday to offer his two cents on the ruling:

“I’m delighted with the outcome of the insane witch hunt against me,” he wrote. “The government concocted a fantasy world of eight criminal counts connecting nonexistent dots into an elaborate conspiracy encompassing a dozen people. The jury soundly rejected this idiocy, leaving only 3 vacuous charges which ‘stuck’.

“I am proud of my legal team for all of the hard work which resulted in an acquittal on the serious, ‘loss-carrying’ charges. A simple reading of the USSG suggests a sentence of “0 to 6 months”.”

Following the conviction, Shkreli posted a video to his YouTube account, Best of Martin Shkreli, which appears to be an interview about the case.

During the chat, Shkreli and the interviewer chat about his infamous US$2 million purchase of the Wu-Tang Clan album Once Upon a Time in Shaolin. Only one copy of the record was ever released.

The interviewer asks “Is it playable?” To which he responds, “You can listen to it right now if you want.”

You can hear the record around the 48-minute mark of the video below:

This article originally appeared on The Industry Observer, which is now part of The Music Network.


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