US judge orders ex-drug executive Shkreli to give up $7.36 million

06 March, 2018, 02:51 | Author: Austin Daniel
  • Martin Shkreli must forfeit almost $7.4 million judge orders

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.

Agreeing with arguments by federal prosecutors, U.S. District Judge Kiyo Matsumoto ruled that Shkreli must turn over his interest in so-called substitute assets to satisfy forfeiture requirements for the criminal actions that led to his August 2017 conviction.

Shkreli, who first became infamous for hiking the price of a life-saving HIV drug, was convicted of securities fraud. He also would be forced to forfeit other valuables including a Picasso painting and another unreleased recording that he claims he owns, "Tha Carter V" by Lil Wayne.

Shkreli has been behind bars since September when a judge found he broke the terms of his bail by offering social media followers money for a hair sample from then-presidential candidate Hillary Clinton. They determined that he lied to investors about the performance of two hedge funds he ran, MSMB Capital and MSMB Healthcare.

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"I should have known better", Shkreli wrote in a letter to the judge requesting a sentence between 12 to 18 months.

The defense had argued that Shkreli shouldn't have to forfeit anything because the hedge fund investors actually ended up making a profit from drug company stock he gave them.

Although the $10.4 million loss will result in a higher recommended sentence under federal guidelines, Matsumoto is not required to follow those guidelines.

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