Bad Lawyers

Former Shkreli Attorney, Evan Greebel, Convicted of Conspiring in Scheme to Defraud Investors
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Evan Greebel

Summary: The former attorney for Turing Pharmaceutical CEO Martin Shkreli has been convicted of conspiring in the scheme to defraud investors.

An ex-attorney for Martin Shkreli, the CEO of Turing Pharmaceutical, who was arrested as a co-defendant with Shrekli, was convicted of securities fraud by a New York City jury. Evan Greebel may be headed to prison for his role in conspiring with the hedge-fund-manager-turned-biotech-executive.

  
What
Where


Greebel, 42, advised companies like Retrophin Inc. while helping in the scheme that stole $11 million so that Shkreli could pay back investors when he lost their money from risky trades. Retrophin fired Shkreli in September 2014. He then went on to join Turing Pharmaceuticals, where he dramatically increased prices on a life-saving drug for AIDS and cancer patients by 5,000 percent. The public let their outrage of his action be known, putting him into the limelight. A short four months later, Shkreli was arrested and charged with fraud.

The scheme involved creating a fake settlement and consulting contracts so investors could be paid back. Greebel and Shkreli used assets from Retrophin to help pull off the share-control scheme. The trial for Greebel was a virtual repeat of the testimony from Shkreli’s case. The majority of the witnesses, such as consultants, investors, and board members, were repeated from the first trial. Since they were used again, Greebel’s attorneys were able to find information on the witnesses to challenge their credibility. This included an admission from an accountant about his own fraudulent scheme.

Greebel was a corporate lawyer at Katten Muchin Rosenman. He advised Retrophin as outside counsel, although current Retrophin CEO Steve Aselage and former chairman Steve Richardson claim he had more loyalty to Shkreli than Retrophin. Greebel apparently helped Shkreli understand the terms of his employment agreement when Retrophin was in the process of firing him.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Despite the fact that the two were involved together in the scheme, emails show that Shkreli would call Greebel and his colleagues “lazy and stupid and paid too much.” However, Greebel showed regard to Shkreli, agreeing to devise the plan to commit fraud.

Witnesses for the defense included lawyers Greebel had worked with at Katten and Kaye Scholer LLP. They testified that Greebel was a talented attorney and Shkreli was a difficult client. They believed the consulting agreements were real.



Greebel was convicted of conspiracy to commit wire fraud and conspiracy to commit securities fraud. He had been indicted on seven charges. U.S. Attorney for the Eastern District of New York Robert Capers said, “As alleged, Martin Shkreli engaged in multiple schemes to ensnare investors through a web of lies and deceit. His plots were matched only by efforts to conceal the fraud, which led him to operate his companies, including a publicly traded company, as a Ponzi scheme, where he used the assets of the new entity to pay off debts from the old entity. When regulators and auditors questioned Shkreli’s decisions, he joined forces with Evan Greebel, who used his law license and training to conceal and further the scheme.”

Shkreli was convicted of defrauding investors in August. He is being held in prison until his sentencing. He was tried separately from Shkreli.

What kind of sentence do you think Greebel will get? Share your thoughts with us in the comments below.

To learn more about Shkreli and the case against him, read these articles:

Photo: newyorklawjournal.com



 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Mid-level Litigation Associate Attorney

USA-MD-Baltimore

Baltimore office of our client seeks mid-level litigation associate attorney with 3+ years of experi...

Apply Now

Junior to Mid-Level Labor Associate Attorney

USA-CA-San Francisco

San Francisco office of our client seeks junior to mid-level labor associate attorney with preferabl...

Apply Now

Junior Employment Litigation Attorney

USA-CA-San Francisco

San Francisco office is seeking an attorney with 2-3 years of employment litigation, class action or...

Apply Now

Litigation and Transaction Associate Attorney

USA-OH-Mayfield Heights

Mayfield Heights office of our client seeks litigation and transaction associate attorney with 2-4 y...

Apply Now

RELEVANT JOBS

Legal Assistant

USA-FL-Jacksonville

Small law firm seeking legal assistant with 3+ years working experience as a legal assistant in the ...

Apply now

Staff Attorney

USA-CA-Los Angeles

Position: Staff Attorney Status: Full Time Location: Los Angeles Anticipated Annua...

Apply now

ASSISTANT DIRECTOR OF LEGAL RESOURCES (for Online Resources)

USA-DC-Washington

The National Association of College and University Attorneys (NACUA) seeks a full-time Assistant Dir...

Apply now

Legal Assistant / Paralegal

USA-GA-Columbus

Part-time case management, ordering medical records, setting up medical treatment, subrogating me...

Apply now

SEARCH IN ARCHIVE

To Top