Martin Shkreli’s lack of remorse could bite ‘Pharma Bro,’ experts say – Business

Less than an hour after a U.S. jury convicted Martin Shkreli of securities fraud, the so-called “Pharma Bro” was back at his New York City apartment doing what comes naturally: trash talking in a live-stream on YouTube.

The brash former pharmaceutical CEO, who’s still out on bail, joked he won’t be going to a hard-core prison — “No shanks” — and predicted his acquittal on some charges Friday will help him recover tens of millions of dollars he claims he’s owed from a drug company he started.

“It doesn’t seem like life will change much for Martin Shkreli,” he said while drinking a beer and playing with his cat. “I’m one of the richest New Yorkers there is, and after today’s verdict, it’s going to stay that way.”

Former drug company executive Martin Shkreli exits U.S. District Court after being convicted of securities fraud on Friday. (Carlo Allegri/Reuters )

Shkreli’s trolling of his own trial has amused some onlookers. But legal experts say it could have serious consequences when it comes time for sentencing.

“No real good can come from going on YouTube after a guilty verdict,” said Robert Mintz, a former federal prosecutor now in private practice. “This is exactly the kind of behaviour that got him in trouble in the first place.”

U.S. District Judge Kiyo Matsumoto likely will factor in any lack of remorse and contrition at sentencing in federal court in Brooklyn, said Matthew Schwartz, a defence lawyer and former federal prosecutor who once worked for a Securities and Exchange Commission task force.

At risk for a higher sentence

“Going into the trial, he had an audience of 12. Now he’s got an audience of one,” Schwartz said, referring to the jury and judge. “He’s putting himself at great risk for a higher sentence.”

The 34-year-old defendant faces up to 20 years in prison for his conviction on the most serious counts, though the term could be much lower under sentencing guidelines. Shkreli’s lawyer, Ben Brafman, said he would argue for no jail time. No sentencing date was set.

Shkreli was arrested in 2015 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. Investors took the witness stand to accuse him of keeping them in the dark as his scheme unfolded, while the defence argued there wasn’t any harm done because all of them got rich off of Retrophin stock.

Before his arrest, Shkreli was best known for buying the rights to a…

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