Martin Shkreli ordered to forfeit $7.36m ahead of fraud sentencing
pharmafile | March 6, 2018 | News story | Business Services, Manufacturing and Production, Medical Communications, Research and Development, Sales and Marketing |Â Â Martin Shkreli, pharmaÂ
Reviled pharma bro Martin Shkreli is experiencing another heavy dose of karma after a US judge ordered him to forfeit $7.36 million in assets as a consequence of fraud conviction, including his much-boasted-about Wu Tang Clan album.
The 34-year-old is due to be sentenced later this week after being convicted on three of eight counts of fraud amounting to $10.4 million in losses. He is required to forfeit $5 million he holds in an E*Trade brokerage account, as well as a Picasso painting, the unreleased Lil’ Wayne album Tha Carter V and the aforementioned Wu Tang Clan album Once upon a time in shaolin, a one-of-a-kind copy which he purchased for $2 million in 2015 and tried to later sell on eBay for around half that price – it is thought that the album may be fake.
Shkreli is also required to give up his stake in biotech firm Turing Pharmaceuticals, now known as Vyera – the same company through which he committed the act that made him infamous, purchasing the rights to toxoplasmosis treatment Daraprim and hiking its price by over 5,000%. While despicable, the act itself was not actually against the law, and is consequently not one of the charges brought against him.
Shkreli has spent the last six months behind bars, finally imprisoned after putting out a $5,000 bounty on Hilary Clinton’s hair while on probation. It is thought that he could face from 10 to 20 or more years in prison when he is sentenced on 9 March, though his lawyers have asked for no more than 18 months imprisonment in addition to therapy and community service.
Matt Fellows
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