Judge orders 'Pharma Bro' Martin Shkreli to forfeit $10 million

Judge orders 'Pharma Bro' Martin Shkreli to forfeit $10 million
Photo credit: Reuters

Disgraced "Pharma Bro" Martin Shkreli has been ordered to forfeit nearly US$7.4 million (NZ$10 million) during his sentencing for securities fraud.

Famous for hiking the price of life-saving AIDS drug Diaprim by 5000 percent, Shkreli is facing prison for defrauding investors in hedge funds he ran.

His defence team argued Shkreli should not have to forfeit anything for his crimes, but were ultimately unsuccessful.

According to the court's records, Shkreli's assets include one-of-a-kind Wu-Tang Clan album Once Upon A Time in Shaolin, a Picasso painting, shares in a pharmaceutical company and US$5 million in an E-Trade investment account.

Shortly after being found guilty in August, Shkreli live-streamed his reaction and boasted that little was going to change following the verdict.

"I'm one of the richest New Yorkers there is, and after today's outcome, it's going to stay that way," he said.

"I grew up on the mean streets of Brooklyn. I was across the street from 9/11; I've built businesses from zero to hero, many times over.

"A few months in jail does not scare me."

Shrekli is facing up to 20 years in prison.

Newshub.