BROOKLYN — Reviled drug CEO Martin Shkreli appeared in Brooklyn court Wednesday for a hearing that revealed his new legal team and a potential problem with the $5 million bond he posted as part of a securities-fraud case against him.
Noted defense attorney Benjamin Brafman told reporters he's advised his client, who has been vocal in the press, to no longer comment on his pending litigation.
But on Twitter, Shkreli continued to make his voice heard -- albeit through other people's voices. For hours Wednesday, he retweeted positive messages from his supporters proclaiming his innocence and touting his "honesty."
Widely pilloried for jacking up the price of a drug used to treat AIDS patients, Shkreli has been indicted on criminal charges alleging that he bilked a company out of millions of dollars and used money from one company to pay off debts from previous losses.
On Wednesday, Brafman told a judge he needs time to examine discoverable material and questioned whether evidence emails between Shkreli and his former attorney, Evan Greebel, are protected by attorney-client privilege.
Brafman told media gathered outside the courthouse that his client had spoken extensively to the press but he is now advising him to stop doing so until the criminal case is resolved.
He said Shkreli is defensible and never knowingly violated any laws or knowingly committed fraud.
Also discussed was Shkreli’s $5 million bond, which he posted with an E*TRADE account that has since dropped in value to about $4 million. There may be a need for Shkreli to put up more collateral to cover his bond, but the issue was not decided.
The next hearing date was scheduled for 10 a.m. May 3.
But before then, Shkreli is set to appear Thursday before the House Committee on Oversight and Government Reform to address accusations related to his time as CEO of Turing Pharmaceuticals, when he hiked the price of the drug Daraprim from $13.50 a pill to $750 overnight.
He’s accused now of exploiting an existing monopoly and make millions before competitors could enter the market.
CNN contributed to this report.