Pharma bro wants bail reduced so he can start paying off debts

“​Pharma​ Bro” Martin Shkreli wants his $5 million bail reduced to $2 million so he can start paying off his debts because he’s broke, his lawyer argued in Brooklyn federal court Monday.

More On:

martin shkreli
Pharma bro gets permanently banned from Twitter
Pharma bro’s ex-lawyer granted request to escape case
Martin Shkreli had enemies before his price-jacking days
Musical spoof of pharma bro Shkreli to run off-Broadway

“He doesn’t have any cash,” said his attorney Benjamin Brafman, arguing that the funds are needed to pay legal fees, accounting fees and taxes.

Prosecutors said Shkreli, 34, was w​​orth $70 million when he was charged in 2015 with running an $11 million Ponzi scheme in which he paid off debts from two failing hedge funds with money from his former biopharmaceutical firm Retrophin.

The feds argued against the bail reduction because of comments the bad boy has made about his cash flow.

“The defendant makes public statements that he has liquid assets … offering $40,000 to a Princeton student to solve a theorem,” said prosecutor Alixandra Smith, adding that he’s also offered $300,000 to find a killer.

And, in December, she said, Shkreli bought an unreleased Lil Wayne album titled “Tha Carter V” for an undisclosed sum.

Shkreli’s other pricey belongings include a Nazi-era German enigma machine, which have been auctioned off for nearly $300,000, and a Picasso painting.

“Our concern is that the defendant is using this as a mechanism to pick and choose what creditors he wants to pay circumventing the natural order,” said Smith.

She argued that Shkreli has already paid Brafman and his law firm a $4.8 million advance.

Meanwhile, Brafman denied receiving the massive paycheck and noted that “some of the preposterous promises Mr. Shkreli has made have never been paid.”

He also said the $2 million Shkreli notoriously plunked down for the Wu-Tang Clan album was a bad investment.

Brooklyn federal court Judge Kiyo Matsumoto will rule on the bail application this week.

The trial is expected to take five to six weeks.

On Monday, prosecutors revealed they have a list of 57 potential witnesses, while defense has 34.

Shkreli — who became the most hated man in America after he jacked up the price of a life-saving drug by 4,000 percent — could be called to the stand.


Leave a Reply