Published: Tue, March 06, 2018
Life&Culture | By Ben Goodman

USA judge orders ex-drug executive Shkreli to give up $7.36 mln

USA judge orders ex-drug executive Shkreli to give up $7.36 mln

As part of his conviction for securities fraud, Judge Kiyo Matsumoto ordered Martin Shkreli to forfeit $7.36 million in assets, including the Wu-Tang Clan album Once Upon a Time in Shaolin, CNBC reports.

Agreeing with arguments by federal prosecutors, U.S. District Judge Kiyo Matsumoto ruled that Shkreli must turn over his interest in so-called substitute assets to satisfy forfeiture requirements for the criminal actions that led to his August 2017 conviction. 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.

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

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. Turing is now Vyera.

Non-bailable warrants issued against Nirav Modi and Mehul Choksi
He said the agency received replies from Nirav for two summonses. "We are considering to challenge the order in HC on behalf of Nirav Modi".

Shkreli has also boasted of owning a Picasso painting. They determined that he lied to investors about the performance of two hedge funds he ran, MSMB Capital and MSMB Healthcare.

The 34-year-old Shkreli was known as "Pharma Bro" on social media. Investors ultimately got their money back, and more, through settlements and consulting agreements Shkreli arranged, he said. The defense argued unsuccessfully Shkreli should forfeit nothing.

The forfeiture order does not include any fines or restitution Matsumoto might impose at sentencing.

Like this: