NEW YORK (CBSNewYork/AP) — “Pharma Bro” Martin Shkreli was back in court Friday for a hearing about whether he should forfeit millions of dollars in assets including a one-of-a-kind Wu-Tang Clan album as part of his conviction in a securities fraud scheme.
The brash former pharmaceutical CEO had a new look since since his bail was revoked in September: a scruffy beard that made his appearance less boyish. He also was wearing a loose-fitting jail uniform instead of street clothes.
Prosecutors argued in federal court in Brooklyn that Shkreli is on the hook for more than $7 million. Along with the Wu-Tang Clan “Once Upon a Time in Shaolin” album that Shkreli has boasted he bought for $2 million, prosecutors said he should give up $5 million in cash in a brokerage account, his interest in a pharmaceutical company and other valuables including a Picasso painting.
The defense said the brash former pharmaceutical CEO owes nothing because in the end, his investors did not lose the money.
“This is a case where he did not benefit financially,” defense attorney Benjamin Brafman said. “Well, I think there are all different types of punishment that the court has the discretion to impose.”
Shkreli, 34, is perhaps best known for boosting the price of a life-saving drug and for trolling his critics on social media where he became known as “Pharma Bro.” A jury convicted him in August of cheating investors in two failed hedge funds.
Shkreli was out on bail during his trial but was jailed afterward when a judge decided he had made veiled online threats against Democrat Hillary Clinton.
His sentencing is scheduled for March 9.
U.S. District Judge Kiyo Matsumoto will issue a ruling on the assets at a later date.
(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)