The businessman, investor and former drug company CEO is accused of running a “Ponzi-like scheme” at his former hedge fund, MSMB Capital Management, and his drug company, Retrophin, between 2009 and 2012, according to the report.
Prosecutors allege Mr. Shkreli lied about the state of MSMB’s finances to draw in investors, hid major trading losses from them and finally paid them back with funds stolen from Rotrophin, reports Reuters.
Mr. Shkreli has pled not guilty in the trial, which will likely last four to six weeks.
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