The Latest: Shkreli upbeat, defiant after NYC conviction

Martin Shkreli arrives at federal court in New York, Friday, Aug. 4, 2017. Jurors are starting their fifth day of deliberations at the federal securities fraud trial of the former pharmaceutical company CEO. (AP Photo/Seth Wenig)
Martin Shkreli, center, leaves federal court in New York, Friday, Aug. 4, 2017. The former pharmaceutical CEO has been convicted on federal charges he deceived investors in a pair of failed hedge funds. A Brooklyn jury deliberated five days before finding Shkreli guilty on Friday on three of eight counts. (AP Photo/Seth Wenig)
Martin Shkreli arrives at federal court in New York, Friday, Aug. 4, 2017. Jurors are starting their fifth day of deliberations at the federal securities fraud trial of the former pharmaceutical company CEO. (AP Photo/Seth Wenig)
Martin Shkreli, center, leaves federal court in New York, Friday, Aug. 4, 2017. Shkreli, the eccentric former pharmaceutical CEO notorious for a price-gouging scandal and for his snide "Pharma Bro" persona on social media, was convicted Friday on federal charges he deceived investors in a pair of failed hedge funds. (AP Photo/Seth Wenig)
Martin Shkreli arrives at federal court in New York, Friday, Aug. 4, 2017. Jurors are starting their fifth day of deliberations at the federal securities fraud trial of the former pharmaceutical company CEO. (AP Photo/Seth Wenig)
Martin Shkreli arrives at federal court in New York, Friday, Aug. 4, 2017. Jurors are starting their fifth day of deliberations at the federal securities fraud trial of the former pharmaceutical company CEO. (AP Photo/Seth Wenig)

NEW YORK — The Latest on Martin Shkreli's securities fraud trial (all times local):

3:20 p.m.

Former pharmaceutical CEO Martin Shkreli is upbeat and defiant following his conviction at his New York City securities fraud trial.

Shkreli was convicted Friday of three of eight counts against him. He said outside court that he was "delighted to report" that he was acquitted of what he called "the most important charges" in the case.

Prosecutors say Shkreli looted his drug company to pay back investors in two failed hedge funds he ran. The defense says investors got their original investments back and even made hefty profits.

Shkreli called the prosecution "a witch hunt of epic proportions." He joked that maybe prosecutors "found one or two broomsticks."

The judge continued Shkreli's $5 million bail, allowing him to stay out of prison.

No sentencing date was set.

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2:40 p.m.

Former pharmaceutical CEO Martin Shkreli has been convicted on federal charges he deceived investors in a pair of failed hedge funds.

A Brooklyn jury deliberated five days before finding Shkreli guilty on Friday on three of eight counts.

The 34-year-old Shkreli is notorious for a price-gouging scandal and for his snide "Pharma Bro" persona on social media, but the case focused on allegations that he blew investors' money on bad stock picks before raiding his drug company of stock and cash to pay them back.

But the case was tricky for the government because wealthy investors conceded that Shkreli's scheme actually succeeded in making them richer, in some cases doubling or even tripling their money.

Shkreli called the case "bogus."

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2:35 p.m.

A verdict has been reached in the securities fraud trial of former pharmaceutical company CEO Martin Shkreli (SHKREL'-ee).

The jury in New York City has deliberated five days. The verdict will be read Friday afternoon.

Prosecutors say Shkreli looted his drug company to pay back investors in two failed hedge funds he ran. The defense says investors got their original investments back and even made hefty profits.

The 34-year-old Shkreli is notorious for jacking up the price of a life-saving drug and for his snide "Pharma Bro" persona online.

Shkreli faces eight counts of securities fraud, conspiracy to commit securities fraud and conspiracy to commit wire fraud.

If convicted of the most serious counts, he could face up to 20 years in prison but likely would receive far less time under sentencing guidelines.

___

9:30 a.m.

Jurors are deliberating for a fifth day at the federal securities fraud trial of former pharmaceutical company CEO Martin Shkreli (SHKREL'-ee).

They got the case Monday and were still grappling with it Friday in New York City.

Prosecutors say Shkreli looted his drug company to pay back investors in two failed hedge funds he ran. The defense says investors got their original investments back and even made hefty profits.

The former biotech CEO, nicknamed "Pharma Bro," is best known for hiking up the price of a life-saving drug and for trolling his critics on social media.

If convicted of the most serious charges, he could face up to 20 years in prison but likely would receive far less time under sentencing guidelines.

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