Feds want ‘Pharma Bro’ Martin Shkreli’s millions
Martin Shkreli, also known as the “Pharma Bro,” will head back to court in Brooklyn, New York, on Friday for a hearing related to criminal fraud charges.
The 34-year-old biotech entrepreneur stands to forfeit more than $7 million on Friday, if a judge sides with prosecutors who say that Shkreli obtained the money as a result of securities fraud.
Officials have already seized more than $134,000 worth of Shkreli’s assets, including a Nazi encryption machine used during World War II and a signed letter from Charles Darwin, a biologist known for his contributions to the theories of evolution and natural selection.
Among the items prosecutors could seek forfeiture of this time around include Shkreli’s one-of-a-kind Wu Tang Clan album, “Once Upon a Time in Shaolin,” which he purchased for $2 million. The group only recorded one copy, which is in Shkreli’s possession.
The pharmaceutical executive’s lawyer, Ben Brafman, has defended his client by maintaining that none of the investors actually lost money, and some even profited. The defense also claims Shkreli did not personally benefit from any of the fraudulent activities.
Brafman declined FOX Business’ request for comment ahead of Friday’s hearing.
Shkreli was found guilty in August on three counts of securities fraud after allegedly running his businesses like a Ponzi scheme. While he lost millions of investors’ dollars on bad trades, he paid them back with profits he made from his drug company Retrophin.
Shkreli is also known for price gouging. In 2015 he infamously raised the price of his HIV drug, Daraprim, by 5,000% – to $750 per pill from $13.50 – a decision he defended at the time.
Shkreli was free on $5 million bail, but had that freedom revoked after taking to his Facebook page to offer a $5,000 cash reward for a strand of then-presidential candidate Hillary Clinton’s hair.
His sentencing is expected next month.