A Brooklyn judge has refused to toss out pharma felon Martin Shkreli’s conviction on conspiracy and securities fraud charges, according to court documents filed Monday.
Shkreli filed a motion for a judgment of acquittal after a jury convicted him of three of eight charges — two counts of securities fraud and one count of conspiracy to commit securities fraud — last August.
In her 96-page opinion, Judge Kiyo Matsumoto said the evidence presented at trial was “more than sufficient enough” to convict Shkreli of defrauding investors in his failed hedge funds MSMB Capital Management and MSMB Healthcare.
Shkreli – who’s been cooling his heels behind bars since September after violating the terms of his bail by encouraging social media followers to snatch a lock of Hillary Clinton’s hair at a book signing – faces up to 20 years in prison when he’s sentenced March 9.
His co-defendant and former lawyer Evan Greebel was convicted in December of defrauding investors out of $11 million.
“The court finds, based on the trial evidence, that Mr. Shkreli conspired with Mr. Greebel and others to manipulate the price and trading volume of Retrophin stock, and thereby attempted to cause the share-buying public to overpay for the stock,” Matsumoto wrote.
The judge also determined that a loss amount of more than $10 million would factor into Shkreli’s sentencing.