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
Dubai Financial Market reports $288.6m profit for 2025 - up 159%
RIYADH: Dubai Financial Market reported net profit before tax of 1.06 billion dirhams ($288.6 million) in 2025, up 159 percent from a year earlier.
The improved performance was driven by sustained confidence in Dubai’s capital markets and a year of heightened trading activity, with momentum continuing through the fourth quarter.
The results coincided with the exchange marking 25 years since its establishment in 2000, highlighting its evolution into a more globally connected and institutionally active marketplace, according to a report by the Emirates News Agency.
For the full year ending Dec. 31, total consolidated revenues rose to 1.28 billion dirhams, while earnings before interest, tax, depreciation and amortization reached 1.13 billion dirhams, translating into an EBITDA margin of 88 percent.
The results come as Dubai pushes ahead with its D33 agenda to double the emirate’s economy by 2033 and deepen its position as a global financial hub.
The UAE central bank has pointed to solid capital markets momentum and low sovereign risk indicators in 2025, underscoring the confidence backdrop for higher trading activity.
Helal Al-Marri, chairman of DFM, said: “DFM’s performance in 2025 reflects the continued strength of Dubai’s capital markets and the confidence of global investors in the emirate’s economic vision.
“As we mark 25 years since the establishment of DFM, the exchange continues to play a central role within Dubai’s financial ecosystem, supporting transparency, liquidity, and long-term market development in line with the Dubai Economic Agenda D33.”
Fourth-quarter net profit before tax increased to 124.4 million dirhams from 110.6 million dirhams in the same period of 2024, reflecting sustained trading momentum toward year-end.
Market performance remained strong throughout the year, with the DFM General Index rising 17.2 percent and total market capitalization reaching 992 billion dirhams.
Average daily traded value climbed to 692 million dirhams, while total traded value amounted to 174 billion dirhams, marking the highest liquidity levels in more than a decade.
The average daily number of trades rose 31 percent year on year, driven by increased institutional and cross-border activity.
Hamed Ali, CEO of DFM and Nasdaq Dubai, said: “In 2025, DFM continued to build on the progress of recent years, supported by steady trading activity, growing international participation, and ongoing enhancements to our market infrastructure.”
He added: “Our focus throughout the year remained on improving market accessibility, supporting a broad range of investment activity, and ensuring the market continues to operate efficiently for both issuers and investors. As we mark 25 years of DFM, we remain committed to developing the market in line with Dubai’s long-term capital markets ambitions.”
Investor participation broadened further during the year, with 97,394 new participants joining the market, of which 84 percent were foreign.
Foreign investors accounted for 51 percent of total trading value, while institutional investors represented 71 percent of trading activity.
The total investor base reached 1.25 million, reinforcing DFM’s position as a destination for regional and international capital.
Capital-raising activity also expanded DFM’s sectoral footprint.
The exchange hosted Dubai Residential REIT, the region’s first publicly traded residential leasing real estate investment trust, which attracted subscriptions 26 times over and total demand of 56 billion dirhams.
It also saw the secondary public offering of Emirates Integrated Telecommunications Co., alongside the initial public offering of ALEC Holdings, the UAE’s largest construction-sector listing to date, which generated subscriptions of 30 billion dirhams, representing an oversubscription of 21 times.
Innovation and market development remained a focus in 2025, with the launch of a centralized securities lending and borrowing framework and further enhancements to digital platforms, including AI-enabled features on iVestor.
DFM also strengthened its international engagement through global roadshows and partnerships, including a memorandum of understanding with the Taiwan Stock Exchange aimed at supporting cross-border listings and investor outreach.
Looking ahead, the exchange said it remains focused on enhancing liquidity, expanding product offerings, and deepening global connectivity, supported by a strong financial position and a diversified investor base.
