A corporate lawyer in New York who at one time advised former pharmaceutical executive Martin Shkreli has been convicted of charges that he helped Shkreli steal millions of dollars from a drug company so he could pay investors back in a pair of hedge funds.
Evan Greebel was counsel for Retrophin a former company of Shkreil’s. A federal jury found him guilty of charges that he conspired to commit securities and wire fraud, said the U.S. government.
One of Greebel’s attorneys, Reed Brodsky said he was shocked with the jury’s verdict and will continue fighting for justice for Greebel as well as members of his family.
Greebel, who is 44, used to be a partner with the Katten Muchin Rosenman law firm when he worked for Shkreil’s company Retrophin. Later he started working for the Kaye Scholer law firm, but in December of 2015 was forced to resign after he was arrested.
Shkreli, who is 34, because notorious worldwide in 2015 after increasing the price of Darapirm a drug to fight parasites to a price of $750 per pill, from its original price of just $13.50, when he was the Turing Pharmaceuticals CEO. The price increase that Shkreli made is not related in any way to the just concluded criminal case.
Those charges Shkreli and Greebel faced were related to the management by Shkreli of Retrophin his former drug company, and MSMB Healthcare and MSMB Capital two hedge funds, between 2009 and 2014.
In August, a jury found that Shkreli was guilty of the defrauding of investors at MSMB, but not guilty of conspiring with Greebel to take money from Retrophin.
Last September, following the announcement of his conviction, the former CEO was put in jail after placing a bounty of $5,000 on the hair of former Democratic presidential nominee Hillary Clinton. That prompted Judge Kiyo Matsumoto from a U.S. District Court to revoke Shkreli’s bail.
Prosecutors say that Greebel is facing up to 20 years behind bars for his conviction of wire fraud.
The exorbitant price that Shkreli placed on the parasite medication placed a spotlight on the pharmaceutical industry that to this day remains as lawmakers and even the President of the U.S. have claimed that prices of prescription drugs are too high.