Culture&Arts

Judge Orders 'Pharma Bro' Martin Shkreli To Forfeit $7.36 Million

Judge Orders 'Pharma Bro' Martin Shkreli To Forfeit $7.36 Million

"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.

The order, issued by District Judge Kiyo Matsumoto in Brooklyn, New York, would allow the government to go after Shkreli's assets.

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Shkreli has been in jail awaiting sentencing since September 2017 after his bail was revoked. Turing is now Vyera.

Shkreli reportedly paid $2 million for the Wu-Tang Clan album at an auction in 2015, but his lawyer Benjamin Brafman said it was "probably worthless" after it was questioned whether the album could actually be attributed to the hip-hop group. 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.

In August, a jury convicted Shkreli of securities fraud while he was a portfolio manager at a hedge fund. They determined that he lied to investors about the performance of two hedge funds he ran, MSMB Capital and MSMB Healthcare.

Shkreli is facing upwards of 10 years in federal prison.

The $7.36 million forfeiture doesn't include fines, penalty or restitution Matsumoto might impose during his sentencing.


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