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Shkreli's securities fraud trial scheduled for June 2017

By Ed Adamczyk
Shkreli's securities fraud trial scheduled for June 2017
Matin Shkreli's securities fraud trial will begin in June 2017, a federal judge ruled Thursday. Photo by John Angelillo/UPI | License Photo

NEW YORK, July 15 (UPI) -- Martin Shkreli is scheduled to be tried next year for securities fraud, a Brooklyn federal judge decided.

U.S. District Judge Kiyo Matsumoto set a June 26, 2017, trial date Thursday for Shkreli and co-defendant Evan Greebel.

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Shkreli, 33, achieved notoriety last year as chief of Turing Pharmaceuticals for raising the price of the drug Daraprim from $13.50 per pill to $750 per pill overnight, and then repeatedly invoking the Fifth Amendment during a congressional committee hearing on drug prices.

He is accused by prosecutors of siphoning $11 million from another pharmaceuticals company he ran, Retrophin, to pay investors of hedge funds Elea Capital Management, MSMB Capital Management and MSMB Healthcare. He and Greebel allegedly lied to the hedge fund investors about the funds' performance. Shkreli and Greebel face eight criminal counts in the indictment, including securities fraud and conspiracy.

Retrophin sued Shkreli for $65 million for alleged theft of company funds.

Shkreli's lawyer, Benjamin Brafman, asked for a 2017 trial date so other trials, in which Shkreli is a defendant, can be resolved.

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