Martin Shkreli

Robert Deutsch-USA TODAY NETWORK

Judge Orders 'Pharma Bro' To Give Up $7 Million In Assets

March 05, 2018 - 7:52 pm
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NEW YORK (WCBS 880) -- The so-called “Pharma Bro” is going to have to cough up more than $7 million.

U.S. District Judge Kiyo Matsumoto on Monday ordered Martin Shkreli to forfeit his assets in his securities fraud case. The order would allow the government to go after his personal property.

Prosecutors said the order includes Shkreli’s one-of-a-kind Wu Tang Clan album that he bought for $2 million.

In a hearing on the subject on Feb. 23, Shkreli 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 hea\dge funds.

Prosecutors argued last month that Shkreli should pay $7.3 million in assets. 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 on Feb. 23. "Well, I think there are all different types of punishment that the court has the discretion to impose."

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