Thursday, 21 June, 2018

"Pharma Bro" Martin Shkreli ordered to forfeit almost $7.4 Million

Jury Deliberations Continue In Martin Shkreli Securities Fraud Trial Source Drew Angerer Getty
Diane Mills | 06 March, 2018, 02:49

Shkreli is now in jail awaiting sentencing on March 9.

NEW YORK-Martin Shkreli has been ordered by a federal judge to hand over almost $7.4 million, a victory for prosecutors who claimed the onetime hedge fund manger swindled his investors.

However, the judge stayed the execution of her order, and the seizure of the substitute assets pending the resolution of Shkreli's planned appeal of his 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. Turing is now Vyera.

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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. Bloomberg reported that he paid $2 million for it.

Shkreli is scheduled to be sentenced March 9 for defrauding investors in two hedge funds he ran. 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. They said he spent investor funds on personal expenses "to maintain the image of a successful hedge fund manager". He also was found guilty of conspiring to manipulate the stock price of another drug company he founded, Retrophin Inc. They argued in a court filing that a lenient sentence is warranted because none of Shkreli's investors ultimately lost money.

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

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