Monday, 10 December, 2018

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

Martin Shkreli seen after he was found guilty of securities fraud in New York City last year Martin Shkreli seen after he was found guilty of securities fraud in New York City last year. Spencer Platt Getty Images
Ella Tate | 06 March, 2018, 02:50

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.

Former pharmaceutical executive Martin Shkreli has been ordered by a federal judge to forfeit $7.36 million in assets.

However, the judge stayed the execution of her order, and the seizure of the substitute assets pending the resolution of Shkreli's planned appeal of his conviction.

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

"Pharma Bro" Shkreli paid $2 million for the lone copy of Once Upon a Time in Shaolin in 2015 through a private broker. Although he hasn't been sentenced yet, he has been jailed since September after he offered a $5,000 bounty for some of Hillary Clinton's hair.

Armenian parliament elects ex-PM Sarkissian as country's president
In remarks to parliament yesterday, Sarkissian said Armenian society has become more divided in recent years. Sarkissian graduated from the Yerevan State University's Department of Theoretical Physics and Mathematics.

A jury found Shkreli guilty last August of securities fraud charges unrelated to Daraprim.

Shkreli has also boasted of owning a Picasso painting. He also was convicted of fraud for manupulationg stock shares in Retrophin, another drug company he founded.

Although the $10.4 million loss will result in a higher recommended sentence under federal guidelines, Matsumoto is not required to follow those guidelines.

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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