What to Know
- The U.S. Supreme Court refused to hear an appeal from "Pharma Bro" Martin Shkreli of his 2017 securities fraud conviction
- Attorneys for Shkreli urged various appellate courts to overturn the guilty verdict, claiming the trial judge gave confusing instructions
- Before his conviction, Shkreli was best known for jacking up the price of a lifesaving drug and trolling his critics on social media
Former drug company CEO Martin Shkreli, better known to the Internet as "Pharma Bro," won't get any relief from the U.S. Supreme Court on his securities fraud conviction.
The high court on Monday denied Shkreli's motion to appeal his 2017 conviction. His attorneys have argued that the trial judge allegedly gave confusing instructions to jurors about whether they needed to find Shkreli intentionally set out to cheat investors.
“We’re obviously disappointed, and there’s not much more that I can add,” Shkreli lawyer Mark Baker told CNBC.
A judge sentenced Shkreli to seven years in prison last year for his conviction 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.
At the trial in federal court in Brooklyn, investors took to the witness stand to accuse him of keeping them in the dark about huge losses as his scheme unfolded. The defense argued there wasn't any harm done because in the end all of them got rich off Retrophin stock.
Before his arrest, the 36-year-old Shkreli was best known for buying the rights to a lifesaving drug at another company in 2014 and promptly raising the price from $13.50 to $750 per pill.
He also gained notoriety for attacking critics on social media under the moniker "Pharma Bro" and for being barred from Twitter for posts about a female journalist.