Shkreli Faces 20 Years in Prison on Fraud Charges


NEW YORK CITY — He’s best known for raising the price of a life-saving drug for Aids patients by more than 5,000 percent.

But Monday, Martin Shkreli was in federal court on another matter.

He’s accused of cheating his former company, Retrophin, out of millions of dollars.

Prosecutors say he used that money to repay investors in two hedge funds, in what they called a ponzi scheme.

They also say he used assets to pay off his own personal loans and other debts.

Shkreli sparked outrage in 2015 for hiking the price of a life-saving drug used by Aids patients by more than 5,0000 percent.

But that controversy has nothing to do with his current legal woes.

If convicted, he faces up to 20 years in prison.

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