Judge Orders 'Pharma Bro' Martin Shkreli To Forfeit $7.36 Million

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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.

Judge Kiyo Matsumoto said that in order to satisfy that award amount, Shkreli must forfeit his interest in a set of assets.

Other assets Shkreli will most likely have to fork over include the Lil' Wayne album Tha Carter V, a Pablo Picasso painting, and his $5 million bond.

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

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.

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In August, a jury convicted Shkreli of securities fraud while he was a portfolio manager at a hedge fund.

Vyera was formerly known as Turing Pharmaceuticals, which Shkreli founded and gained infamy for in 2015 after raising the price of its anti-parasite drug Daraprim by more than 5,000 percent. They said he spent investor funds on personal expenses "to maintain the image of a successful hedge fund manager".

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

The decision came four days before a scheduled hearing at which Shkreli faces a potential maximum prison sentence of 20 years.

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