Shkreli Hits Back At Feds' $7.3M Forfeiture Bid

By Stewart Bishop (January 12, 2018, 4:15 PM EST) -- Controversial former pharmaceutical executive Martin Shkreli urged a New York federal judge Thursday to reject the government's demands that he forfeit $7.3 million following his August conviction on securities fraud and conspiracy charges, arguing that he made no profit from the alleged crimes.

Prosecutors last month claimed the $7.3 million figure is a "conservative computation" of the funds Shkreli received from multipronged schemes to defraud investors in his MSMB hedge funds and to secretly manipulate the stock of the Shkreli-founded biopharmaceutical company Retrophin Inc.

The government based its forfeiture request on roughly $3 million invested by defrauded investors in MSMB Capital,...

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