Federal Judge Orders Martin Shkreli to Forfeit Wu-Tang Clan Album

Federal Judge Orders Martin Shkreli to Forfeit Wu-Tang Clan Album

A federal judge in Brooklyn has ordered former pharmaceutical executive Martin Shkreli to forfeit $7.36 million in assets that include the infamous Wu-Tang Clan album he paid $2 million for.

Judge Kiyo Matsumoto ruled that in order for Shkreli - whose lawyer said he was completely cash-broke past year - to reach the award amount he must forfeit the interest in a series of so-called "substitute" assets.

Shkreli, 34, has been in jail since September, when Matsumoto revoked his bail after he offered a $5,000 bounty for a strand of Hillary Clinton's hair in a Facebook post.

All of the Shrkeli's shares and interest in Vyera Pharmaceuticals - formerly Turing Pharmaceuticals, the firm where he gained notoriety by quarterbacking a 5000% price hike for a drug used to treat AIDS sufferers and others.

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He is scheduled to be sentenced on March 9 for lying to investors in his hedge funds about his track record and performance as well as a fraud that involved a company he founded. Turing is now Vyera.

U.S. District Judge Kiyo Matsumoto issued the order against the jailed Shkreli four days before he is to face sentencing for his conviction previous year on charges he cheated wealthy investors in two failed hedge funds he was managing.

Shkreli's lawyers have asked that he be sentenced to 12 to 18 months in prison. Investors ultimately got their money back, and more, through settlements and consulting agreements Shkreli arranged, he said.

The forfeiture order does not include any fines or restitution Matsumoto might impose at sentencing.

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