Martin Shkreli ordered to forfeit $7.4 million in assets

Reuters

Martin Shkreli must forfeit almost $7.4 million, a federal judge in Brooklyn ruled Monday, a move that could force the ex-pharmaceutical executive to give up a one-of-a-kind Wu-Tang Clan album.

It says the assets won't be seized until Shkreli has a chance to appeal.

Along with the Wu-Tang Clan "Once Upon a Time in Shaolin" album that Shkreli has boasted he bought for $2 million, he would have to give up $5 million in cash in a brokerage account.

Matsumoto's ruling in Brooklyn, NY, federal court came in advance of Friday's scheduled sentencing for the 34-year-old Shkreli.

Former drug company executive Martin Shkreli arrives at U.S. District Court for the third day of jury deliberations in his securities fraud trial in the Brooklyn borough of NY, U.S., August 2, 2017.

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Shkreli, who became famous in 2015 for raising the price of the anti-parasite drug Daraprim by more than 5,000 percent, has been in jail since last September.

A painting by famed Spanish artist Pablo Picasso.

Matsumoto has already ruled that when Shkreli is sentenced, he will be held responsible for $10.4 million in losses, including all of the money his investors entrusted to his hedge funds. They said he spent investor funds on personal expenses "to maintain the image of a successful hedge fund manager".

"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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