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Appeal court upholds conviction by Martin Shkreli

Martin Shkreli, former CEO of Turing Pharmaceuticals AG, arrives at the federal court in the Brooklyn neighborhood of New York, Monday, July 31, 2017.

Peter Foley | Bloomberg | Getty Images

A federal appeal court on Tuesday upheld the criminal conviction of the infamous "pharma bridge" Martin Shkreli.

The Second Circut's American Court of Appeal Tribunal also held more than $ 6.4 million in negotiations as a judge charged Shkreli last year when she convicted him of her two-fold security fraud bills and a number of conspiracy to commit securities fraud.

Shkreli, 36, serves a seven-year sentence in a federal prison in Pennsylvania.

In its judgment, the Board of Appeal appealed with Shkreli's assertion that his trial judge's instructions to the jury at his trial were inaccurate and confusing to jury members.

"The instruction given here correctly stated the law," the Board of Appeal said in its decision. "Thus, we do not agree with Shkreli that solely of additional languages ​​describing an element that is not required for the charged crime constituted a crime."

The panel also rejected Shkreli's argument that the forfeiture amount was inappropriate because not all investors in his hedge funds testified that they would be reduced to take into account the losses he incurred by doing business for the funds and the high returns the investors have seen would reduce the advance to zero.

Shkreli's appeal lawyer Mark Baker CNBC, "We are obviously disappointed, and we will consider and weigh what is available."

Baker said he didn't think he would ask the whole other circuit to review the panel's decision, because "I don't think we have a good faith foundation" for such a request.

But he will consider whether to ask the Supreme Court of the United States to hear an appeal by the court, he said.

Shkreli was sentenced after a 201

7 trial in the Brooklyn federal court where prosecutors introduced evidence that he had repeatedly lied to investors about the economic development of two hedge funds he ran, and then spent money invested in these funds to help drug company Retrophin .

Shkreli was later turned off from Retrophin.

He became widely known in 2015 when another pharmaceutical company, he founded, Turing Pharmaceuticals, hiked the price of an antiparasitic drug used to treat pregnant women, newborns, and patients with HIV by more than 5,500%.

Shkreli reveled in trolling people on social media, and in difficult answers to questions from members of Congress upset by his price increase.

Judge Kiyo Matsumoto withdrew his $ 5 million release bond after she found he was a public threat to his offer of a cash payment for hair strings from Hillary Clinton's head that his Facebook followers could grab.

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