Martin Shkreli

Robert Deutsch-USA TODAY

Defense Fights To Keep 'Pharma Bro' From Forfeiting $7 Million In Assets

February 23, 2018 - 3:03 pm
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NEW YORK (WCBS 880) -- The defense for the so-called "Pharma Bro" argued why he shouldn't have to forfeit more than $7 million in assets following his securities fraud conviction.

With a new beard, prison-issued glasses and black prison garb, Martin Shkreli listened to arguments about how much, if anything, he should pay in punishment.

The 34-year-old sat impassively, rolling his eyes at government arguments, sometimes seeming bored as he appeared in Brooklyn federal court Friday for the first time since a judge put him jail in part over a social media post about Hillary Clinton.

In August, Shkreli was convicted of cheating investors in two failed hedge funds.

Prosecutors say he should pay $7.3 million in assets, which would include a one-of-a-kind Wu-Tang Clan album that he bought for $2 million as well as a Picasso.

His attorney Benjamin Brafman argued against that.

"I don't think so because this is a case where he did not benefit financially," Brafman said. "Well, I think there are all different types of punishment that the court has the discretion to impose."

U.S. District Judge Kiyo Matsumoto will rule on a decision later.

Shkreli is best known for raising the price of a life-saving drug as a pharmaceutical executive.