Back in 2007, Martin Shkreli "wanted to be Stevie Cohen" — but the "pharma bro" tended to give bad stock tips and blew through nearly $5 million of an investor's money at his hedge fund in less than one year, the investor testified Friday.
"Sorry for all the inconvenience," Shkreli emailed that investor, Josiah Austin, after the steep loss of Austin's entire stake in his fund, Elea Capital.
Shkreli, now 34, later reneged on a promise to try to repay investor Josiah Austin by gifting him a stake in Shkreli's new drug company Retrophin when it was being launched, Austin testified in Brooklyn, NY, federal court.
"No, I don't think he had my best interests at heart," Austin said of Shkreli and his handling of Austin's money.
He also said that now-defunct financial giant Lehman Brothers ended up suing him to try to recoup about $2 million the firm lost from Shkreli's trading at his hedge fund Elea Capital in the mistaken belief that Austin had promised to cover any trading losses for Shkreli.
Austin's testimony added to a picture of prosecutors are painting of Shkreli at his trial on securities fraud charges.
That picture is someone who was a serial failed investor of other people's money, one who dragged his feet at turning over tax documents about that money, and someone who dropped the names of other investors.