Published: Tue, March 06, 2018
Entertaiment | By Kelly Sanders

Federal Judge Orders Martin Shkreli to Forfeit Wu-Tang Clan Album

Federal Judge Orders Martin Shkreli to Forfeit Wu-Tang Clan Album

NEW YORK-Martin Shkreli has been ordered by a federal judge to hand over almost $7.4 million, a victory for prosecutors who claimed the onetime hedge fund manger swindled his investors.

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

However, the judge stayed the execution of her order, and the seizure of the substitute assets pending the resolution of Shkreli's planned appeal of his conviction.

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The judge said that the assets on the table include Shkreli's $5 million E-Trade account, stake in the pharmaceutical company Vyera Pharmaceuticals (formerly Turing Pharmaceuticals), the Wu-Tang Clan album Shkreli purchased in 2015, a Lil Wayne album, an enigma machine, and a Picasso painting. The judge revoked the bail and jailed him in September when he posted he would pay a $5,000 bounty to anyone who could get a lock of Hillary Clinton's hair while the prominent Democrat was on a book tour. They said he spent investor funds on personal expenses "to maintain the image of a successful hedge fund manager". His conviction stems from charges that he defrauded investors in Retrophin, the pharmaceutical company he co-founded. The defense argued unsuccessfully Shkreli should forfeit nothing.

The 34-year-old Shkreli is perhaps best known for jacking up the price of a life-saving drug and for his snarky online antics using the "Pharma Bro" moniker.

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