A federal judge on Monday ordered Martin Shkreli, the former drug company executive convicted of defrauding investors, to forfeit $7.36 million in assets, which could include a Picasso painting and a one-of-a-kind album by the Wu-Tang Clan.
According to court records, his assets include Once Upon a Time in Shaolin, a Wu-Tang Clan album for which Shkreli paid a reported $2 million at auction.
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 August 2017 conviction.
However, the judge stayed the execution of her order, and the seizure of the substitute assets pending the resolution of Shkreli's planned appeal of his conviction.
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Shkreli has been in jail awaiting sentencing since September 2017 after his bail was revoked. The conviction stems from alleged schemes in which he improperly used stock from a pharmaceutical company to repay investors who had lost money in two hedge funds he previously directed.
Shkreli became notorious as the "Pharma Bro" when he raised the price of anti-parasitic drug Daraprim by over 5,000 percent in 2015 while he was chief executive officer of Turing Pharmaceuticals. They said he spent investor funds on personal expenses "to maintain the image of a successful hedge fund manager".
The 34-year-old Shkreli was known as "Pharma Bro" on social media.
Although the $10.4 million loss will result in a higher recommended sentence under federal guidelines, Matsumoto is not required to follow those guidelines.