U.S. judge orders ex-drug executive Shkreli to give up $7.36 mln

Reuters

Martin Shkreli must forfeit almost $7.4 million, a federal judge in Brooklyn ruled Monday, a move that could force the ex-pharmaceutical executive to give up a one-of-a-kind Wu-Tang Clan album.

The judge said the assets won't be seized until Shkreli has a chance to appeal. He also would be forced to forfeit other valuables including a Picasso painting and another unreleased recording that he claims he owns, "Tha Carter V" by Lil Wayne.

Shkreli is scheduled to be sentenced March 9 for defrauding investors in two hedge funds he ran.

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

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.

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

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Kelly also provided reporters with a more fulsome time line to the Porter scandal. The chief of staff also said the claims shocked him and the rest of the staff.

The defense had argued that Shkreli shouldn't have to forfeit anything, because the hedge fund investors actually ended up making a profit. He also was convicted of fraud for manupulationg stock shares in Retrophin, another drug company he founded.

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

"I should have known better", Shkreli wrote in a letter to the judge requesting a sentence between 12 to 18 months.

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