Pharma Bro Martin Shkreli Heads To Brooklyn Federal Court For Ponzi Scheme Charges

DOWNTOWN BROOKLYN — The Pharma Bro who bragged in public about jacking up the price of AIDS medication faces fraud charges in Brooklyn Federal Court.

Martin Shkreli, 34, the Turing Pharmaceuticals CEO who hiked up a certain AIDS medication price by 5000 percent, stands accused of using a Ponzi scheme to steal more than $11 million from hedge fund investors, according to prosecutors.

Shkreli allegedly conned his victims into buying into investment funds MSMB Capital and MSMB Healthcare, then improperly moved money around to pay back certain investors, including his own pharmaceutical company, Retrophin, said prosecutors.

Shkreli pleaded not guilty to charges of securities and fraud in December 2015 and faces up to 20 years in prison if convicted.

Shkreli is best known for amping up the price of Daraprim from $13.50 to $750 a pill, his $2 million purchase of a unique Wu-Tang record and his $2 million offer to bail out Brooklyn rapper Bobby Shmurda.

Jury selection is slated to begin Monday, court records show.

Shkreli’s attorney Ben Brafman declined a request to comment from the New York Daily News.

Photo courtesy of Eduardo Munoz Alvarez/Getty Images News/Getty Images