Former drug company executive Martin Shkreli exits US District Court after being convicted of securities fraud, in the Brooklyn borough of New York City, US, August 4, 2017. REUTERS/Carlo Allegri

NEW YORK: Martin Shkreli ? once dubbed "The Most Hated Man in America" ? was convicted of fraud by jurors in a US court in Brooklyn on Friday, in a blow for the controversial former drug company and hedge fund executive, who had forcefully and repeatedly proclaimed his innocence.

Jurors found Shkreli guilty of two counts of securities fraud and one count of conspiracy but acquitted him of five other conspiracy counts he had faced.

Federal prosecutors had accused the 34-year-old of defrauding investors in his hedge funds and stealing from Retrophin Inc ? his old drug company ? to pay them back.

The verdict in US District Court in Brooklyn came on the fifth day of deliberations, which followed a month-long trial.

Shkreli showed little emotion as the verdict was read, but outside the courthouse portrayed it as a victory, though he could face up to 20 years in prison for securities fraud.

'Lies upon lies'

Wrapping up their month-long case, government prosecutors had told jurors the evidence against Shkreli was overwhelming, arguing that he told "lies upon lies" to investors for years in running a Ponzi-like scheme.

"Rest assured, we will continue to investigate and prosecute those who engage in schemes to defraud such as this one," a senior prosecutor told reporters Friday after the verdict was returned.

But the defence maintained that Shkreli's wealthy investors ultimately made money rather than incurring losses.

Allegations otherwise were "rich people's BS," Benjamin Brafman ? one of the most celebrated criminal defence lawyers of his generation and Shkreli's lawyer ? told jurors last week.

Shkreli declined to testify and the defence called no witnesses.

'Found one or two broomsticks'

"This was a witch hunt of epic proportions, and maybe they found one or two broomsticks, but at the end of the day, we've been acquitted of the most important charges," Shkreli told reporters.

Before going on trial, Shkreli had been best known as the chief executive of Turing Pharmaceuticals who raised the price of anti-infection drug Daraprim by 5,000 percent in 2015, sparking outrage from US lawmakers and patients and earning him the nickname "Pharma bro."

The charges stemmed from his career before Turing, as chief executive of Retrophin and manager of hedge funds MSMB Capital and MSMB Healthcare.

Prosecutors claimed that between 2009 and 2014, he lied to MSMB investors, lost their money and paid them back with cash and stock misappropriated from Retrophin.

Jurors heard testimony from several MSMB investors who said Shkreli falsely claimed to have an outside auditor and tens of millions of dollars in assets, sent them fabricated account statements after losing their money, and became evasive when they asked for their investments back.

Prosecutors said Shkreli eventually paid investors back with stock or cash from Retrophin by having them sign settlement or consulting agreements with the company. Retrophin directors testified that they did not approve those agreements in advance.

'Not a Ponzi guy'

Brafman had urged jurors to see his client not as a fraudster but as an eccentric genius determined to find cures for rare diseases.

The lawyer said that while Shkreli's statements to investors were not always true, he made them in good faith. He also emphasized that none of Shkreli's investors lost money, a rarity in a securities fraud case.

Working at a super-human pace, he may have made mistakes but he was "not a Ponzi guy" who took other people's money to lead an extravagant lifestyle.

Instead, he conceded that his client had "impossible" people skills and routinely aggravated associates.

He quoted one witness who compared Shkreli to the Dustin Hoffman character in Oscar-winning 1988 movie Rain Man and said he battled depression and anxiety.

Shkreli smirked through a congressional hearing that scrutinized his actions and has since earned a reputation for an extravagant, self-publicizing lifestyle. He resigned from Turing shortly after his indictment in December 2015, after which he was released from prison on bond.