Former Drug Executive Martin Shkreli Ordered to Surrender $7.36 Million

Rosalie Gross
March 6, 2018

The $5 million in cash now held in an E*Trade brokerage account as security for Shkreli's bail.

"Pharma Bro" Martin Shkreli will have to forfeit more than $7.3 million in assets that include his one-of-a-kind Wu-Tang Clan album as part of his punishment in his securities fraud case, a judge ruled Monday.

Benjamin Brafman, Shkreli's lead defense attorney, did not immediately respond to a message seeking comment on the decision.

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

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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.

Martin Shkreli purchased the exclusive album for $2 million in 2015, but was convinced for multiple counts of fraud in 2017.

Shkreli was convicted last summer of misleading investors in two hedge funds he ran about the financial performance of their money in those funds. He also was found guilty of conspiring to manipulate the stock price of another drug company he founded, Retrophin Inc (RTRX.O). They argued in a court filing that a lenient sentence is warranted because none of Shkreli's investors ultimately lost money.

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