Shkreli verdict: Guilty on three of eight counts of securities and wire fraud

Enlarge / NEW YORK, NY - AUGUST 4: Former pharmaceutical executive Martin Shkreli arrives at the U.S. District Court for the Eastern District of New York, August 4, 2017 in the Brooklyn borough of New York City. Jurors are onto the fifth day of deliberations and have not reached a verdict. Shkreli faces eight counts of securities fraud and conspiracy to commit securities and wire fraud. (credit: Getty | Drew Angerer)

After nearly five full days of deliberations, a jury has found Martin Shkreli guilty on three charges: two counts of securities fraud and one count of conspiracy to commit securities fraud.

The notorious ex-pharmaceutical CEO was charged with eight counts of securities and wire fraud, stemming from what federal prosecutors described as a Ponzi-like scheme. Prosecutors argued during the five weeks of testimony and examinations that Shkreli defrauded investors of two hedge funds, which he managed. They also claimed Shkreli siphoned millions from a pharmaceutical company he founded, Retrophin, in order to cover the hedge fund losses. Shkreli, most infamous for dramatically raising the price of an anti-parasitic drug by more than 5,000 percent, was arrested and charged in December of 2015. He faces up to 20 years in prison.

Shkreli's legal team, headed by Benjamin Brafman, argued during the trial that although Shkreli didn't "look great" on paper, he was a "brilliant mind" who lacked intent to defraud investors.

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