Martin Shkreli seeks to overturn part of his conviction
Source: Reuters
#BUSINESS NEWS SEPTEMBER 8, 2017 / 9:42 AM / UPDATED 8 HOURS AGO
Martin Shkreli seeks to overturn part of his conviction
Brendan Pierson
3 MIN READ
NEW YORK (Reuters) - Former drug company executive Martin Shkreli on Friday asked a judge to throw out part of his criminal conviction, a day after prosecutors sought to have him jailed until his sentencing.
In a motion filed in Brooklyn federal court, Shkrelis lawyers said their client was convicted of conspiring to manipulate the stock price of his old company, Retrophin Inc, after a prosecutor improperly defined a key legal term during closing arguments.
The motion does not seek to overturn Shkrelis conviction on two more serious counts of defrauding investors in his hedge funds. Those counts carry a maximum prison sentence of 20 years, though Shkreli is likely to serve far less time, in part because his investors did not lose money.
Instead, it challenges his conviction of conspiring to manipulate Retrophins stock price by telling employees what to do with their shares. Shkrelis lawyers said a prosecutor falsely told jurors in closing arguments that Retrophin employees were automatically affiliates of Retrophin under federal securities law, which would restrict how they could trade their shares.
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http://www.reuters.com/article/us-usa-crime-shkreli/martin-shkreli-seeks-to-overturn-part-of-his-conviction-idUSKCN1BJ1NT