Martin Shkreli, the evil young capitalist, who legally defrauded Americans by increasing the cost of a life-saving drug by over 5000% was found guilty on several counts. Jail time is very likely.
The 34-year-old Martin Shkreli will likely get what he deserves after putting the lives of many Americans in danger with his evil act morally & legally.
CNBC reports the following.
A federal jury found notorious "Pharma bro" Martin Shkreli guilty of multiple criminal charges Friday.
Shkreli, 34, was convicted of some of the eight criminal counts that he had faced, which had included securities fraud and conspiracy to commit both securities fraud and wire fraud, after a more-than-month-long trial in Brooklyn, New York, federal court.
Of the eight counts, Shkreli was found guilty of three. Those included conspiracy to commit securities fraud, and two counts of securities fraud. He was found not guilty of five counts, including those related to wire fraud.
He faces up to 20 years in prison when he is sentenced.
Martin Shkreli increased price of Daraprim
Martin Shkreli raised the price of the drug Daraprim from $13.50 to $750.00 per pill overnight. That is an increase of over 5555%. And under our current system, it is completely legal however immoral or evil. That is the definition of unfettered and unregulated capitalism.
While what Shkreli did is extreme and evil, it is something that has been happening for some time now. Companies have been raising generic drug prices for some time.
CEO Martin Shkreli crookedness comes back to bite him
While Martin Shkreli was not arrested then on drug price gouging, it was great that he is paying the price for something. It is poetic justice that he is now a convict. This does not absolve our government from creating a system that does not allow the capitalist system to hold the sick hostage. We need to make the Shkreli(s) of the world pay for their misdeeds.
Also published on Medium.