Martin Shkreli repeatedly lied to investors says prosecutor

Martin Shkreli
Martin Shkreli FILE - In this Dec. 17, 2015, file photo, Martin Shkreli, center, the former hedge fund manager under fire for buying a pharmaceutical company and ratcheting up the price of a life-saving drug, is escorted by law enforcement agents in New York after being taken into custody following a securities probe. Jurors heard testimony from the government’s last witness on Tuesday, July 25, 2017, a day after Shkreli’s lawyer told the court his client won’t take the witness stand during his securities fraud trial. (AP Photo/Craig Ruttle, File)

NEW YORK (AP) — A prosecutor at the securities fraud trial of Martin Shkreli says the former pharmaceutical CEO scammed investors in a pair of failed hedge funds.

Prosecutor Alixandra Smith told a jury in closing arguments on Thursday that Shkreli repeatedly lied to investors about how much money was in one of the funds as it was going under.

She said he assured investors that he was managing $40 million at a time when there as only a few hundred dollars in his firm’s brokerage account.

In a recent Facebook post, the 34-year-old defendant calls the case “bogus.”

Before his 2015 arrest, Shkreli was best known for jacking up the cost of a lifesaving drug and trolling his critics on the internet.

The defense will give its closing argument later in the day.

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