A stock trader at one of "pharma bro" Martin Shkreli's hedge funds testified Tuesday he did not see Shkreli "buying and selling stock" or doing other things hedge fund operators normally do.
"I didn't see him doing a whole lot," said the trader, Timothy Pierotti, at Shkreli's securities fraud trial in Brooklyn, New York, federal court.
"Normally at a hedge fund, you would see people managing their position, managing their risk, talking to brokers, buying and selling stock," said Pierotti, who had sat directly across from Shkreli's desk while working for him.
Alixandra Smith, a prosecutor, then asked, "And you did not see the defendant do any of these things?"
"No," replied Pierotti, 46, whose tenure working for Shkreli spanned from late summer of 2011 into late 2012.
Pierotti's testimony bolsters claims by prosecutors that Shkreli's funds, MSMB Capital and MSMB Healthcare, were operating with relatively little money with which to trade, despite Shkreli's boasts to investors of having up to $100 million under management. Pierotti said Shkreli talked about having $80 million or $100 million under management.
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