US judge orders ex-drug executive Shkreli to give up $7.36 million

Tonya Becker
March 6, 2018

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 says the assets won't be seized until Shkreli has a chance to appeal.

Other assets Shkreli will most likely have to fork over include the Lil' Wayne album Tha Carter V, a Pablo Picasso painting, and his $5 million bond.

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

After months of back-and-forth, the fate of the one-of-a-kind Wu-Tang Clan album "Once Upon a Time in Shaolin" has been decided. He was found guilty past year on charges he cheated investors in two failed hedge funds. The judge revoked the bail and jailed him in September when he posted he would pay a $5,000 bounty to anyone who could get a lock of Hillary Clinton's hair while the prominent Democrat was on a book tour.

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.

He is scheduled to be sentenced on March 9 for lying to investors in his hedge funds about his track record and performance as well as a fraud that involved a 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 was known as "Pharma Bro" on social media.

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