Sunday, 21 October, 2018

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

REUTERS Open this
| 06 March, 2018, 03:18

A USA judge on Monday ordered Martin Shkreli, former CEO of a drug company, to hand over more than 7.3 million US dollars in assets for his role in defrauding investors.

A lawyer for Shkreli could not immediately be reached for comment on the judge's order.

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.

It's said that in addition to "Once Upon a Time in Shaolin", Shkreli will also have to relinquish a Pablo Picasso painting, his copy of Lil Wayne's delayed and unreleased "Tha Carter V" album, as well as a $5 million bond.


At any rate, the US government believes it's still Shkreli's, and that it's valuable enough to include in the same list as a Picasso.

Shkreli, 34, has been in jail since September, when the judge revoked his bail after he offered a $5,000 bounty for a strand of Hillary Clinton's hair in a Facebook post.

A jury found him guilty last August of unrelated securities fraud charges.

Prosecutors argued last month that Shkreli cost his investors more than $20 million by inducing them to put millions of dollars into his two hedge funds, which operated essentially like Ponzi schemes. Money from his investors went into the stock market, and he didn't get anything from a plan to control Retrophin shares, his lawyers have said.

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