"Pharma Bro" Martin Shkreli ordered to forfeit almost $7.4 Million

06 March, 2018, 02:51 | Author: Rachel Mcdaniel
  • Martin Shkreli will be sentenced March 9 on his conviction for defrauding investors in hedge funds

A judge has ordered "Pharma Bro" Martin Shkreli to forfeit more than $7.3 million in assets in his securities fraud case.

According to court records, his assets include Once Upon a Time in Shaolin, a Wu-Tang Clan album for which Shkreli paid a reported $2 million at auction.

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

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

"Once Upon A Time in Shaolin", a one-of-a-kind album by the hip-hop group Wu-Tang Clan, as well as any proceeds from the album's sale. The judge revoked the bail and jailed him in September when he posted he would pay a $5,000 bounty to anyone who could get a lock of Hillary Clinton's hair while the prominent Democrat was on a book tour.

Shkreli was convicted last summer of misleading investors in two hedge funds he ran about the financial performance of their money in those funds.

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Shkreli became notorious as the "Pharma Bro" when he raised the price of anti-parasitic drug Daraprim by over 5,000 percent in 2015 while he was chief executive officer of Turing Pharmaceuticals.

Shkreli has also boasted of owning a Picasso painting.

Matsumoto has already ruled that when Shkreli is sentenced, he will be held responsible for $10.4 million in losses, including all of the money his investors entrusted to his hedge funds.

Shkreli is facing upwards of 10 years in federal prison.

The forfeiture order does not include any fines or restitution Matsumoto might impose at sentencing.


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