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Witnesses Afraid to Testify Against Shkreli in Securities Fraud Case

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Pharmaceutical executive Martin Shkreli is under investigation for securities fraud within the pharmaceutical industry. However, according to prosecutors, several witnesses are afraid to testify against Shkreli for fear of retaliation.

WQAD discusses the issue in depth.

In a filing in U.S. District Court in Brooklyn on Thursday, prosecutors asked a judge to delay a civil lawsuit brought by the U.S. Securities and Exchange Commission until Shkreli’s criminal case plays out.

Shkreli asked to begin taking depositions in the civil case, but prosecutors say they have a “concern of witness intimidation.”

His attorney called the allegations “preposterous.”

The 32-year-old has pleaded not guilty to securities fraud and conspiracy. Prosecutors say he lost investors’ money through bad trades, then looted the pharmaceutical company to pay them back.

Shkreli is most widely known for his decision in 2015 to inflate the price of Daraprim, an AIDs medication, by over 5,400 percent.

 

Photo by NEPA Scene via Flickr CC License

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