'Pharma Bro' faces strong medicine
Martin Shkreli has to forfeit over US$7.
Wednesday, March 07, 2018
Martin Shkreli has to forfeit over US$7.3 million (HK$56.94 million) in assets that include his one-of-a-kind Wu-Tang Clan album as well as a Picasso as part of his punishment in his securities fraud case.
US District Judge Kiyo Matsumoto issued the order against Shkreli, 34, days before he's to be sentenced for cheating wealthy investors in two failed hedge funds he managed.
Along with the US hip-hop group's Once Upon a Time in Shaolin album that Shkreli boasted he bought for US$2 million and the Picasso, he would have to give up US$5 million in cash.
But the judge said the assets won't be seized until Shkreli has a chance to appeal. The defense had argued he shouldn't have to forfeit anything because the hedge fund investors actually ended up making a profit from drug company stock he gave them.
Shkreli gained infamy as the "Pharma Bro" after jacking up the price of the drug Daraprim by more than 5,000 percent.