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


A US judge on Monday ordered Martin Shkreli, former CEO of a drug company, to hand over more than 7.3 million USA dollars in assets for his role in defrauding investors.

Judge Kiyo Matsumoto said that in order to satisfy that award amount Shkreli - who was said to be completely cash-broke a year ago by his lawyer - must forfeit his interest in a set of "substitute" assets.

Along with the Wu-Tang Clan "Once Upon a Time in Shaolin" album that Shkreli has boasted he bought for $2 million, he would have to give up $5 million in cash in a brokerage account.

Shkreli has been in jail awaiting sentencing since September 2017 after his bail was revoked.

His lawyer didn't immediately respond to a request for comment on Monday.

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"Once Upon A Time in Shaolin", a one-of-a-kind album by the hip-hop group Wu-Tang Clan, as well as any proceeds from the album's sale.

Shkreli has also boasted of owning a Picasso painting.

Vyera was formerly known as Turing Pharmaceuticals, which Shkreli founded and gained infamy for in 2015 after raising the price of its anti-parasite drug Daraprim by more than 5,000 percent. They determined that he lied to investors about the performance of his hedge funds, MSMB Capital and MSMB Healthcare. They said he spent investor funds on personal expenses "to maintain the image of a successful hedge fund manager".

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

Shkreli's lawyers have asked that he be sentenced to 12 to 18 months in prison.

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