But on Friday, after five days of deliberations, jurors convicted him on three counts of fraud in federal court, and he now faces up to 20 years in prison on each of the first two counts, and up to five years on the final count. As The New York Times notes, the judge on the case eventually had to order Shkreli to stop discussing the case in the court house, after an incident where he talked about it with reporters.
Shkreli was initially taken into custody in 2015 after reports of a securities fraud probe emerged.
He was found guilty of lying to investors to gain more capital for his faltering hedge funds, but was cleared of illegally raiding Retrophin's assets to pay back investors.
Former drug company executive Martin Shkreli and attorney Benjamin Brafman exits U.S. District Court after Shkreli was convicted of securities fraud, in the Brooklyn borough of New York City, U.S., August 4, 2017.
"This was a witch hunt of epic proportions", he said in NY after the verdict.
Shkreli gained notoriety and earned public ire a year ago, after Turing Pharmaceuticals, the company he founded, spent $55 million for the USA rights to sell a life-saving medicine called Daraprim and promptly hiked the price about 5,000 per cent from $13.50 to $750 per pill (See: Turing does volte face on cutting price of drug Daraprim).
Shkreli also shouted profanities and said "F**k "Pharma Bro" ..."
Shkreli emphasized the jury's finding that he did not conspire to steal from Retrophin.
The charges stemmed from his career before Turing, as chief executive of Retrophin and manager of hedge funds MSMB Capital and MSMB Healthcare. He's now facing years in prison.
During his closing arguments, Brafman urged jurors to see his client not as a fraudster, but as an eccentric genius determined to find cures for rare diseases.
Brafman said that while Shkreli's statements to investors were not always true, he made them in good faith.
Christopher LaVigne, a former federal prosecutor who is now a defense lawyer at the law firm of Shearman & Sterling, said it was notable that prosecutors secured a conviction without investor losses and said it could encourage more such cases in the future.