Martin Shkreli's fraud trial begins

Martin Shkreli’s fraud trial begins.

He was once dubbed the most hated man in America after he hiked the price of a drug from about $14 to $750 overnight.

On Monday, Martin Shkreli's trial starts for something completely unrelated. He's facing 20 years in prison for something officials described when he was arrested as a "trifecta of lies, deceit and greed"

34-year-old Shkreli, best known for hiking the price of a 70-year-old drug, Daraprim by 5000%, is headed to trial in a separate case for securities fraud.

On paper, the two things are unrelated, but as he pointed out to Fox 5's Steve Lacy during an exclusive interview after his arrest, Shkreli thinks the two might be connected.

“This started 5 years ago.  Isn't it ironic that the day they decided to charge was just a few months after the Daraprim pricing?” he said.

Prosecutors said Shkreli lied to investors about the performance of a hedge fund he managed and used money from his biopharmaceutical company to pay off the hedge fund debts.

It's a Ponzi-like scheme- with charges of conspiracy and fraud

 “His prosecution is saying that he was mischaracterizing the financial status of these companies in order to get people to invest -- at the heart of fraud case is ‘Are you a liar and did you intend to induce these people on fake numbers?’” said trial attorney Misty Marris.

Despite facing up 20 years in prison, Shkreli isn't necessarily keeping a low profile as his trial approaches.

You can find him online, live streaming for hours at a time- on occasion answering questions related to his case.

“It is a defense attorney's nightmare to have your client putting statements about anything you can't control,” said Marris.

The defense is going to do everything they can to keep his bad reputation out of court. They're going to focus on the actual allegations that are part of this case, which is fraud.

In a preview of their defense, Shkreli's lawyers described him as a "boy genius" - who never intended to defraud any of his investors, and that they all ultimately got their money back. The trial is expected take about 6 weeks-- jury selection starts Monday. Even that is likely to take longer than expected given Shkreli's pharma bro notoriety. 

Up Next:

  • Popular

  • Recent

Stories you may be interested in - includes Advertiser Stories