Martin Shkreli ordered to forfeit $7.4 million in assets
06 March, 2018, 02:51 | Author: Christina Harvey
Martin Shkreli was ordered by a federal judge to forfeit nearly US$7.4 million, in a win for prosecutors who say the hedge-fund manager turned pharmaceutical executive cheated his investors.
Former pharmaceutical executive Martin Shkreli has been ordered by a federal judge to forfeit $7.36 million in assets.
A lawyer for Shkreli could not immediately be reached for comment on the judge's order.
The assets include $5 million in cash in an E-Trade brokerage account used as security for Shkreli's bail and Shrkeli's shares and interest in Vyera Pharmaceuticals, formerly known as Turing Pharmaceuticals. Although he hasn't been sentenced yet, he has been jailed since September after he offered a $5,000 bounty for some of Hillary Clinton's hair.
A painting by famed Spanish artist Pablo Picasso. They said he spent investor funds on personal expenses "to maintain the image of a successful hedge fund manager". They determined that he lied to investors about the performance of his hedge funds, MSMB Capital and MSMB Healthcare.
The $7.36 million forfeiture doesn't include fines, penalty or restitution Matsumoto might impose during his sentencing. His conviction stems from charges that he defrauded investors in Retrophin, the pharmaceutical company he co-founded.
"I should have known better", Shkreli wrote in a letter to the judge requesting a sentence between 12 to 18 months.
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