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Martin Shkreli loses appeal of conviction, sentence

Credit: REUTERS/Carlo Allegri

A federal appeals court on Thursday upheld the conviction and seven-year prison term of former pharmaceutical executive Martin Shkreli for defrauding investors in hedge funds he founded.

NEW YORK, July 18 (Reuters) - A federal appeals court on Thursday upheld the conviction and seven-year prison term of former pharmaceutical executive Martin Shkreli for defrauding investors in hedge funds he founded.

The 2nd U.S. Circuit Court of Appeals in Manhattan rejected Shkreli's argument that his jury was instructed incorrectly about securities fraud, and that the millions of dollars he was ordered to forfeit was excessive.

(Reporting by Jonathan Stempel in New York Editing by Chizu Nomiyama)

((jon.stempel@thomsonreuters.com; +1 646 223 6317; Reuters Messaging: jon.stempel.thomsonreuters.com@reuters.net))

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