NEW YORK — A federal judge on Friday rejected a motion by Martin Shkreli to throw out some of the securities-fraud charges a jury convicted him of last year, leaving the infamous former hedge fund manager still at risk of spending 20 years in prison for defrauding investors.
he evidence in the case “was more than sufficient” to warrant a conviction on the charges, Judge Kiyo Matsumoto said.
Shkreli, 34, best known for raising the price of an AIDS drug by 5,000 percent when he was chief executive of Turing Pharmaceuticals, was convicted by a Brooklyn jury in August of defrauding the investors in his hedge funds. Shkreli lied to obtain investors’ money, then didn’t tell them when he made a bad stock bet that led to massive losses, prosecutors argued. Instead, they said, he raised more money to pay off other investors, or took money and stock from Retrophin, a drug company that he was running.