Martin Shkreli Ordered to Forfeit More Than $7.3 Million in Assets

It remains to be seen whether the bio-tech financier is forced to surrender his Wu-Tang Clan album, “Once Upon a Time in Shaolin”

Last Updated: March 5, 2018 @ 11:52 AM

Pharma bro Martin Shkreli is back in the spotlight after U.S. District Judge Kiyo Matsumoto ordered him to surrender $7.3 million in assets, multiple news outlets reported on Monday. The financier’s loot includes $5 million in cash, a Picasso and the his Wu-Tang Clan album, “Once Upon a Time in Shaolin,” according to Bloomberg.

The bio-tech entrepreneur doesn’t necessarily need to surrender the Wu-Tang album, but will need to find a way to come up with the money one way or another.

Shkreli did not immediately respond to request for comment from TheWrap on Monday.

Shkreli is fighting charges of securities fraud in connection to Retrophin, a bio-tech company he founded in 2011. In 2015, he was accused of improperly using Retrophin funds to cover millions in dollars of losses from his other property, the failing hedge fund, MSMB Capital Management. Shkreli has been accused both of bilking Retrophin and lying to MSMB investors about the fund performance.

Retrophin parted ways with Shkreli over the issue in 2014 and filed a $65 million suit.

“Shkreli was the paradigm faithless servant,” the suit read. “Starting sometime in early 2012, and continuing until he left the company, Shkreli used his control over Retrophin to enrich himself and to pay off claims of MSMB investors (who he had defrauded).”

Shkreli became social media Public Enemy No. 1 back in 2015 after he spiked the cost of Daraprim, the anti-parasitic that is the first line of defense against Toxoplasmosis, an illness that is especially deadly to people living with HIV.

He made headlines again last September after offering $5,000 to anyone willing to grab a strand of Hillary Clinton’s hair during a book signing for her campaign tell-all, “What Happened.”

“He does not need to apologize to me,” said Judge Matsumoto at the time. “He should have apologized to the government, the Secret Service, and Hillary Clinton.”