USA judge orders ex-drug executive Shkreli to give up $7.36 mln

Martin Shkreli must forfeit almost $7.4 million judge orders

Convicted fraudster Martin Shkreli will have to forfeit $7.36 million to the federal government as part of his upcoming criminal sentence, a judge ruled Monday.

Shkreli has been behind bars since September when a judge found he broke the terms of his bail by offering social media followers money for a hair sample from then-presidential candidate Hillary Clinton.

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.

In December 2015, Shkreli told Bloomberg Businessweek that he had bought the Wu-Tang Clan's "Once Upon a Time in Shaolin" when the hip-hop group auctioned the sole copy of the album to the highest bidder.

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Martin Shkreli purchased the exclusive album for $2 million in 2015, but was convinced for multiple counts of fraud in 2017.

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

Shkreli has also boasted of owning a Picasso painting.

"I should have known better", Shkreli wrote in a letter to the judge requesting a sentence between 12 to 18 months. Money from his investors went into the stock market, and he didn't get anything from his plan to control Retrophin shares, his lawyers have said. The defense argued unsuccessfully Shkreli should forfeit nothing.

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