‘Pharma Bro’ ordered to forfeit $7.3M in fraud case
New York – A judge has ordered “Pharma Bro” Martin Shkreli to forfeit more than $7.3 million in assets in his securities fraud case.
The order issued Monday would allow the government to go after personal property prosecutors say includes a one-of-a-kind Wu-Tang Clan album and other valuable collectables owned by the quirky former pharmaceutical CEO. It says the assets won’t be seized until Shkreli has a chance to appeal.
The 34-year-old Shkreli was known as “Pharma Bro” on social media. He was found guilty last year on charges he cheated investors in two failed hedge funds.
The defense had argued that Shkreli shouldn’t have to forfeit anything, because the hedge fund investors actually ended up making a profit.
His lawyer didn’t immediately respond to a request for comment on Monday.
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