On August 4, 2017, Martin Shkreli was convicted by jury of three counts charging him with securities fraud and securities fraud conspiracy. The conviction related to Shreli’s role as the founder and managing member of two hedge funds, MSMB Capital Management LP and MSMB Healthcare Management LP, and as the former CEO of the biopharmaceutical company, Retrophin Inc. The trial, which lasted six weeks before United States District Court Judge Kiyo A. Matsumoto, convicted Shkreli of participating in three schemes to defraud investors. Two of the schemes involved the use of false representations and omissions to induce investors to invest in his two hedge funds. Shkreli fabricated performance updates to investors and withdrew money for his personal use beyond what was permitted by the partnership agreement. In the third scheme, Shkreli and others conspired to engage in a scheme to recruit individuals to be nominee shareholders for Retrophin’s free trading shares in an effort to obtain beneficial ownership for these shares for Shkreli without reporting his control over the shares. United States v. Shkreli, 15-cr-637 (E.D.N.Y.).