Tuesday, 20 November, 2018

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

REUTERS Open this
Ginger Lopez | 06 March, 2018, 02:49

A federal judge ordered former Turing Pharmaceuticals CEO Martin Shkreli to forfeit $7.36 million in financial assets Monday as part of his upcoming criminal sentence.

This means he'll have to give up some of his prized possessions, including a painting by Pablo Picasso, a copy of the unreleased Lil' Wayne album "Tha Carter V" and the world's only pressing of the Wu-Tang Clan album "Once Upon a Time in Shaolin".

"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.

The assets include $5 million in cash in an E-Trade brokerage account used as security for Shkreli's bail and Shrkeli's shares and interest in Vyera Pharmaceuticals, formerly known as Turing Pharmaceuticals.




In August, a jury convicted Shkreli of securities fraud while he was a portfolio manager at a hedge fund.

Shkreli, who became famous in 2015 for raising the price of the anti-parasite drug Daraprim by more than 5,000 percent, has been in jail since last September. They determined that he lied to investors about the performance of two hedge funds he ran, MSMB Capital and MSMB Healthcare. The defense argued unsuccessfully Shkreli should forfeit nothing.

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

"I should have known better", Shkreli wrote in a letter to the judge requesting a sentence between 12 to 18 months.

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