Feds: ‘Pharma Bro’ Should Hand Over Millions For Posing As Hedge Fund Hotshot

Defense Says Forfeiture Doesn’t Fit The Crime, Demands Reduction

Juliet Papa
February 23, 2018 - 1:24 pm
Martin Shkreli

Robert Deutsch-USA TODAY

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NEW YORK (1010 WINS) -- So-called 'Pharma Bro' Martin Shkreli is waiting to hear how much cash he'll have to cough up for his role in a securities fraud scheme.

Shkreli smiled on Friday, as his lawyers and prosecutors argued about how much money he'll have to cough up for his finanical crimes.

"Forfeiture should be reduced because not all of the money was illegal proceeds and he should be a credit for the stock that he bought," defense attorney Ben Rothman said.

Prosecutors said he lied to investors and manipulated holdings in order to come across as a hedge fund hotshot.

Shkreli was convicted over the summer, of ripping off investors in a pair of failed hedge funds. He achieved a level of infamy after boosting the price of a life-saving drug.

Shkreli's assets include a $5-million E-Trade account, a Picasso, and a rare Wu Tang album.