NEW YORK: A US jury convicted Martin Shkreli, the brash former drug company and hedge fund executive, on Friday of defrauding investors in hedge funds he ran years before he gained fame for jacking up the price of a drug.
Jurors in US District Court in Brooklyn found Shkreli guilty of two counts of securities fraud and one count of conspiracy. But they acquitted him of five conspiracy counts, including conspiracy to steal from his old drug company, Retrophin.
Securities fraud carries a maximum sentence of 20 years in prison, though defendants in such cases rarely receive the maximum sentence.
Federal prosecutors had accused the 34-year-old New Yorker of lying to investors in the funds and looting Retrophin to pay them back.
Immediately after the verdict, Shkreli appeared somewhat shaken. But when he emerged from the courthouse later to talk to reporters, he was happy and confident.
He portrayed the verdict, which came on the fifth day of deliberations after a month-long trial, as a victory.
“This was a witch hunt of epic proportions, and maybe they found one or two broomsticks, but at the end of the day, we’ve been acquitted of the most important charges,” he said.
Acting US Attorney Bridget Rohde, whose office prosecuted the case, praised the jury’s decision.
“Justice was served,” she said after the verdict.
Before going on trial, Shkreli had been best known for raising the price of anti-infection drug Daraprim by 5,000 percent in 2015 as chief executive of Turing Pharmaceuticals.
That increase sparked outrage from US lawmakers and patients — and earned Shkreli the nickname “Pharma bro.”
Shkreli emphasized the jury’s finding that he did not conspire to steal from Retrophin.
“Count seven was the government’s attempt to theorize that I robbed Peter to pay Paul, and the jury has spoken conclusively that Retrophin was not defrauded in this case,” Shkreli said.
Shkreli’s attorney, Benjamin Brafman, citing his client’s acquittal on the Retrophin charge, said Shkreli might avoid prison time or at least receive a “much, much lower” sentence than that contemplated by the government.
Prosecutors said that, starting around 2009, Shkreli lied to investors in his hedge funds, MSMB Capital and MSMB Healthcare, concealing trading losses behind fake account statements.
Prosecutors said Shkreli eventually paid investors back with stock or cash from Retrophin by having them sign settlement or consulting agreements with the company. Those agreements were the basis for prosecutors’ claim that Shkreli conspired to steal from Retrophin.
‘Pharma bro’ Shkreli convicted of fraud in US court
‘Pharma bro’ Shkreli convicted of fraud in US court
New Murabba seeks contractors for Mukaab Towers fit-outs: MEED
RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.
The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.
Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.
The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.
Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.
Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.
The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.
In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.
