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Former Drug Executive Martin Shkreli Ordered to Surrender $7.36 Million

06 March 2018

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.

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

A lawyer for Shkreli could not immediately be reached for comment on the judge's order.

"Pharma Bro" Shkreli paid $2 million for the lone copy of Once Upon a Time in Shaolin in 2015 through a private broker.

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Shkreli is now in jail awaiting sentencing on March 9. 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.

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. They said he spent investor funds on personal expenses "to maintain the image of a successful hedge fund manager".

Matsumoto has already ruled that when Shkreli is sentenced, he will be held responsible for $10.4 million in losses, including all of the money his investors entrusted to his hedge funds.

The 34-year-old Shkreli was known as "Pharma Bro" on social media.

Former Drug Executive Martin Shkreli Ordered to Surrender $7.36 Million