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Prosecution and defense plan to rest in Martin Shkreli fraud trial; closing arguments expected Thursday

  • Martin Shkreli is charged with defrauding investors in two hedge funds he ran.
  • He also is accused of ripping off a drug company he founded to repay those investors.
  • The defense plans to rest its case without calling a single witness.

Jurors in the securities fraud trial of Martin Shkreli are expected to hear closing arguments in the case Thursday.

After nearly a month of testimony and evidence, prosecutors on Tuesday said they plan to rest their case without calling any more witnesses in their securities fraud case against the "Pharma bro" Shkreli.

Defense lawyers for Shkreli, in turn, said that as of Tuesday they intend to rest their case after the prosecution, without calling a single witness of their own.

"That's the plan," said Shkreli's lead lawyer Benjamin Brafman.

The decision by the defense not to call Shkreli, or anyone else, to testify sets the stage for closing statements Thursday.

Jurors in turn could begin deliberating Shkreli's fate later that same day, after hearing arguments from lawyers and legal instructions from Judge Kiyo Matsumoto.

Jurors were given Wednesday off by the judge after prosecutors finished questioning their final witness, an FBI agent.

On Wednesday, Matsumoto and the lawyers for both sides will discuss the instructions that the judge will give jurors.

Matsumoto will also hear an argument from Shkreli's lawyers that the case should be dismissed for lack of sufficient evidence before jurors even start their deliberations.

But the judge's request that jurors to come back Thursday suggests that she will reject the defense's dismissal bid.

Shkreli, 34, smiled broadly at reporters as the trial ended for the day. He walked out into the gallery of the courtroom, where his father gave him a warm handshake.

The former pharmaceuticals executive is charged with defrauding investors in two hedge funds he ran, as well as a drug company he founded, Retrophin.

Prosecutors say that Shkreli lied to investors about the performance of his hedge funds, and then looted stock and cash from Retrophin to pay the investors back their stake in his hedge funds.

Shkreli denies the charges.

The case is unrelated to the incident that first gained Shkreli public notoriety. That was in 2015, when he raised the prices of the anti-parasite drug Daraprim by more than 5,000 percent while serving as CEO of another company, Turing Pharmaceuticals.

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