NEW YORK — A federal appeals court upheld the securities fraud conviction against former drug company CEO Martin Shkreli, known as “Pharma Bro,” on Thursday, along with a $7.3 million forfeiture of assets.
A judge sentenced Shkreli to seven years in prison last year for his conviction on charges he looted a drug company he founded, Retrophin, of $11 million in stock and cash to pay back investors in two failed hedge funds he ran.
“We are obviously disappointed with the court’s decision,” attorney Benjamin Brafman said in an emailed statement.
At the trial in federal court in Brooklyn, investors took to the witness stand to accuse him of keeping them in the dark about huge losses as his scheme unfolded. The defense argued there wasn’t any harm done because in the end all of them got rich off Retrophin stock.