Judge orders 'Pharma Bro' to forfeit $7.3M in fraud case

Judge orders 'Pharma Bro' to forfeit $7.3M in fraud case

Judge Kiyo Matsumoto has most recently ordered the infamous "Pharma Bro" to forfeit a lofty $7.36 million in assets, which will include his rare copy of the Wu-Tang album.

Judge Kiyo Matsumoto said that in order to satisfy that award amount Shkreli - who was said to be completely cash-broke a year ago by his lawyer - must forfeit his interest in a set of "substitute" assets.

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Shkreli, 34, has been in jail since September, when the judge revoked his bail after he offered a $5,000 bounty for a strand of Hillary Clinton's hair in a Facebook post.

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

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Shkreli is a known for a 2015 price-gouging scandal involving a decades-old drug his company acquired, but he is in jail because of securities fraud during his time running a hedge fund. They said he spent investor funds on personal expenses "to maintain the image of a successful hedge fund manager". The defense argued unsuccessfully Shkreli should forfeit nothing. He also was convicted of fraud for manupulationg stock shares in Retrophin, another drug company he founded.

Shkreli is facing upwards of 10 years in federal prison. Investors ultimately got their money back, and more, through settlements and consulting agreements Shkreli arranged, he said.

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Although the $10.4 million loss will result in a higher recommended sentence under federal guidelines, Matsumoto is not required to follow those guidelines.

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