A federal appeals court in New York has upheld the conviction of Martin Shkreli, the so-called Pharma Bro who was found guilty of defrauding his hedge-fund investors. Shkreli, who triggered outrage for his inflation of the price of a drug that treats HIV side effects, among others, had argued that his trial judge had not instructed the jury correctly about securities fraud. The court upheld the conviction Thursday morning, and ruled the $7.36 million he was ordered to forfeit was not excessive. The decision came three weeks after the court heard arguments, which is relatively speedy for the panel. Shkreli is serving a seven-year prison sentence and is scheduled to be released in October 2023.
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