Friday, 25 May, 2018

Judge orders 'Pharma Bro' to forfeit $7.3M in fraud case

Martin Shkreli ordered to finally give up his Wu TangĀ album Modal Trigger Martin Shkreli Getty Images
Rosie Leonard | 06 March, 2018, 02:53

Convicted fraudster Martin Shkreli will have to forfeit $7.36 million to the federal government as part of his upcoming criminal sentence, a judge ruled Monday.

His lawyer didn't immediately respond to a request for comment.

Shkreli reportedly paid $2 million for the Wu-Tang Clan album at an auction in 2015, but his lawyer Benjamin Brafman said it was "probably worthless" after it was questioned whether the album could actually be attributed to the hip-hop group.

The assets include $5 million in cash in an E-Trade brokerage account used as security for Shkreli's bail and Shrkeli's shares and interest in Vyera Pharmaceuticals, formerly known as Turing Pharmaceuticals.

The $5 million in cash now held in an E*Trade brokerage account as security for Shkreli's bail.

Shkreli has been behind bars since September, when Matsumoto ordered him jailed for turned to social media and urged followers to get him a sample of former secretary of state Hillary Clinton's hair.

A painting by famed Spanish artist Pablo Picasso.

Prosecutors last month argued that Shkreli cost his investors more than US$20 million by inducing them to put millions of dollars into his two hedge funds which operated essentially like Ponzi schemes. His conviction stems from charges that he defrauded investors in Retrophin, the pharmaceutical company he co-founded.

The 34-year-old Shkreli is perhaps best known for jacking up the price of a life-saving drug and for his snarky online antics using the "Pharma Bro" moniker.

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