US Judge Orders Jailed Ex-Drug Executive to Forfeit $7.3 Million
(VOA): A U.S. federal judge has ordered jailed ex-pharmaceutical executive Martin Shkreli to forfeit $7.3 million in assets as part of his punishment for investment fraud. Along with cash, Judge Kiyo Matsumoto ordered Shkreli to surrender the only copy of an album recorded by the hip hop group Wu-Tang Clan, which he claims he bought at auction for $2 million. He must also surrender to the court a Picasso painting and other valuables. Shkreli is to be sentenced this week after he was found guilty in August of defrauding investors, by lying about the performance of two hedge funds he ran. Hedge funds are complicated high risk funds in which investors could lose everything, but can also have a huge return if successful. Shkreli's lawyers are appealing for a lenient sentence, arguing that investors actually made money when he paid them off in drug company stocks. Judge Matsumoto revoked Shkreli bail in September when he offered $5,000 to anyone who could produce a lock of former Democratic presidential candidate Hillary Clinton's hair. Shkreli earned the nickname “Pharma-Bro” when as a drug executive, he jacked up the price of a life-saving medication by 5,000 percent and for his wise-guy remarks and courtroom antics during his trial.
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Published Date: Wednesday, March 7th, 2018 | 12:45 AM