Shkreli responsible for $10.4 million in losses

A federal judge ruled Monday that Martin Shkreli, a former U.S. drug company executive, is responsible for $10.4 million in losses suffered by defrauded investors. Shkreli, 34, became notorious in 2015 for raising the price of the anti-infection drug Daraprim by more than 5,000 percent while serving as chief executive at Turing Pharmaceuticals. The FBI arrested Shkreli in December 2015 on unrelated securities fraud charges. A jury convicted him of two counts of securities fraud and one count of conspiring to commit securities fraud in August, and he’s been in a jail since September, awaiting sentencing. The Monday ruling from U.S. District Judge Kiyo Matsumoto could mean an extended prison stay. Shkreli argued he should not be responsible for the money investors lost because all of them eventually came out ahead. During the trial, prosecutors claimed Shkreli repeatedly lied to investors about details of two hedge funds he ran and then used money from a separate drug company to repay their losses. Matsumoto ruled Shkreli couldn’t take credit for the returns since he was already under investigation for fraud at that point. A New York court plans to hand down a final sentence on March 9.