Judge orders Martin Shkreli to forfeit $7.4 million
Martin Shkreli must forfeit nearly $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.
Shkreli is scheduled to be sentenced March 9 for defrauding investors in two hedge funds he ran. The defense argued unsuccessfully Shkreli should forfeit nothing.
The judge said the defense argument “ignores the jury’s verdict in this case.”
Shkreli, who first became infamous for hiking the price of a life-saving HIV drug, was convicted of securities fraud.
According to court records, his assets include “Once Upon a Time in Shaolin,” a Wu-Tang Clan album for which Shkreli paid a reported $2 million at auction. Among other assets: a Picasso painting, shares in a pharmaceutical company and $5 million in an E-Trade account.
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.