Pharma bro Martin Shkreli to forfeit nearly $7.4M, turn over stake in Wu-Tang Clan album

[Initech]

Source: USA Today

Pharmacy bro Martin Shkreli must forfeit nearly $7.4 million in assets as he prepares for sentencing on securities fraud and conspiracy convictions, a federal judge ruled Monday.

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 Aug. 2017 conviction.

The order rejected arguments by Shkreli's attorneys that the financially-pressed pharmaceutical industry entrepreneur should either forfeit nothing or roughly $500,000 at most.

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

Matsumoto based her ruling on an FBI legal declaration in November that said a financial search found that Shkreli had "dissipated or otherwise disposed of" proceeds directly traceable to his criminal offenses.

Read more: https://www.usatoday.com/story/money/2018/03/05/pharma-bro-martin-shkreli-forfeit-nearly-7-4-m-assets-he-faces-sentencing-foer-including-rare-wu-tan/396080002/

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[catbyte]

1. Does anybody have a hankie I can borrow?

Just kidding.

[IMG][/IMG]

[7962]

2. Please please PLEASE put him in an actual PRISON.

"financially pressed" my old ass

[FakeNoose]

3. It's karma

[Initech]

5. Wu Tang Clan ain't nothing to fuck with!

[rocktivity]

8. You wanted the best, you got the best!

rocktivity

[Honeycombe8]

4. He belongs in prison. $7.4M isn't much, when you're that rich, anyway. nt

[Princess Turandot]

10. This was just a first step....

He's also subject to fines and court ordered restitution, which happens at sentencing.

He also can be sued in civil court by anyone who thinks they have a claim.

He was estimated to be worth ~$70 mil at the time of his arrest, mostly shares in his goniff pharm company. But happily, Benjamin Brafman ain't cheap. (And he probably added a premium to his fees upfront knowing what a jerk this guy is.)

[secondwind]

11. The article says he "is financially strapped", so they are taking 7.4 million in assets.. .......

[bucolic_frolic]

6. You mean they caught a bad guy for once?

Happy day!

[WinstonSmith4740]

9. I'll bet this wiped that damn smirk off his face.

And please send him to real prison, not some Club Fed.