Shkreli Ordered To Forfeit Millions In Assets, Including Rare Albums

06 March, 2018, 02:50 | Author: Ann Santiago
  • Martin Shkreli will be sentenced March 9 on his conviction for defrauding investors in hedge funds

"Pharma Bro" Martin Shkreli will have to forfeit more than $7.3 million in assets that include his one-of-a-kind Wu-Tang Clan album as part of his punishment in his securities fraud case, a judge ruled Monday.

Judge Kiyo Matsumoto ruled that in order for Shkreli - whose lawyer said he was completely cash-broke previous year - to reach the award amount he must forfeit the interest in a series of so-called "substitute" assets.

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

"Pharma Bro" Shkreli paid $2 million for the lone copy of Once Upon a Time in Shaolin in 2015 through a private broker.

Shkreli has been behind bars since September when a judge found he broke the terms of his bail by offering social media followers money for a hair sample from then-presidential candidate Hillary Clinton.

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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A painting by famed Spanish artist Pablo Picasso.

The defense had argued that Shkreli shouldn't have to forfeit anything because the hedge fund investors actually ended up making a profit from drug company stock he gave them.

Shkreli is scheduled to be sentenced for securities fraud on Friday.

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

Shkreli's lawyers have asked that he be sentenced to 12 to 18 months in prison.

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