Published: Tue, March 06, 2018
Culture&Arts | By Merle Christensen

Shkreli Ordered To Forfeit Millions In Assets, Including Rare Albums

Shkreli Ordered To Forfeit Millions In Assets, Including Rare Albums

Pharmacy bro Martin Shkreli must forfeit almost $7.4 million in assets as he prepares for sentencing on securities fraud and conspiracy convictions, a federal judge ruled Monday.

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.

Judge Kiyo Matsumoto ruled that in order for Shkreli - whose lawyer said he was completely cash-broke a year ago - to reach the award amount he must forfeit the interest in a series of so-called "substitute" assets.

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

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The judge said that the assets on the table include Shkreli's $5 million E-Trade account, stake in the pharmaceutical company Vyera Pharmaceuticals (formerly Turing Pharmaceuticals), the Wu-Tang Clan album Shkreli purchased in 2015, a Lil Wayne album, an enigma machine, and a Picasso painting.

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. 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. They determined that he lied to investors about the performance of his hedge funds, MSMB Capital and MSMB Healthcare.

Shkreli is facing upwards of 10 years in federal prison.

Although the $10.4 million loss will result in a higher recommended sentence under federal guidelines, Matsumoto is not required to follow those guidelines.

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