Pharmacy bro Martin Shkreli must forfeit almost $7.4 million in assets as he prepares for sentencing on securities fraud and conspiracy convictions, a federal judge ruled Monday.
Those assets include a Pablo Picasso painting, his stake in Vyera Pharmaceuticals and his Wu-Tang album "Once Upon a Time in Shaolin".
In August, the former hedge fund manager was convicted of two counts of securities fraud and a conspiracy charge after defrauding investors of his two hedge funds: MSMB Capital and MSMB Healthcare. If Shkreli had uploaded the whole album for free, Wu-Tang couldn't sue him-as per the terms of the contract. After the purchase, Shkreli proceeded to spend the next several months happily playing the music industry villain while toying with the idea of merely destroying the album just to take it from people might enjoy it in the future.
While Shkreli's hedge fund dealings got him arrested, he was dubbed "the most hated man in America" for hiking the price of the AIDS drug Daraprim from $13.50 to $750 per pill after acquiring Turing Pharmaceuticals.
Shkreli, 34, has been locked up in a federal jail in Brooklyn without bail since last September because of one of his social media stunts.
Shkreli has been in jail since September, when Matsumoto revoked his bail after he offered social media followers $5,000 for a hair from former US presidential candidate Hillary Clinton. He also was found guilty of conspiring to manipulate the stock price of another drug company he founded, Retrophin Inc.
"Specifically, he is a kind, caring and generous person who uses his time and effort to help those in need".
"That is, the investors were not repaid due to Shkreli's personal generosity but were ultimately remunerated due to Shkrei's continuing crimes", they said. "I should have known better".
"The trial and the six months in a maximum security prison has been a frightening wake-up call", Shkreli wrote.
The government is allowed to access the other property because it showed that Shkreli had "transferred", "substantially diminished" or "commingled" the direct proceeds of his fraud, judge Matsumoto wrote.
But prosecutors said that while in jail, Shkreli has privately expressed disdain for his conviction and the judicial process, providing further evidence he does not deserve mercy.