The former legal defender of the controversial pharmaceutical magnate Martin Shkreli was found guilty of financial fraud Wednesday, with the prosecution saying that the conviction should ‘send a powerful message’ to other lawyers.
Former attorney Evan Greebel was convicted after an 11-month-long trial by a grand jury who found him guilty of wire fraud and securities fraud. His defenders said they were shocked by the decision.
“We will continue to fight for justice for Evan Greebel and his family,” one of Greebel’s attorneys said.
According to court documents, the embattled attorney helped his former boss Shkreli siphon millions of dollars at the time the pharma bro was a hedge fund manager at the biopharma company Retrophin Inc.
U.S. Attorney Bridget M. Rohde said other people involved in the legal profession should see the latest decision as a ‘powerful message’ about lawyers’ accountability when they use what they have learned in the law school to commit crimes and help criminals escape trial.
Former Lawyer Helped Pharma Bro Defraud Investors
Greebel acted as Shkreli’s lawyer between 2011 and 2014. During that period he allegedly helped the businessman misappropriate the company’s assets in order to compensate the investors that had been defrauded.
The two men also conspired to defraud the said investors by manipulating the company’s stock prices and trading volume.
Prosecutors found that the former lawyer used his expertise to help his client defraud investors. The FBI confirmed that Greebel used his deep knowledge of the law to help his client break the law.
Shkreli whom the Internet has nicknamed the Pharma Bro is known for hiking the price of a life-saving drug by 500% literally overnight. Even though increasing drug prices uncontrollably is not a crime, he was convicted for securities fraud in August. He is awaiting his sentence in jail.
Image Source: Wikimedia
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