Silver as an investment

Martin Shkreli Still Owes The Feds $500,000

Martin Shkreli has started serving his seven-year sentence at a low-security federal prison at Federal Correctional Institution in Fort Dix, New Jersey, but while the former “most hated man in America” managed to avoid serving out his sentence in a high-security prison where his accommodations would be much less…accommodating…the federal government is still seeking another $500,000 that prosecutors say he still owes. As a result, they’re seeking permission from Kiyo Matsumoto, the same Brooklyn judge who oversaw Shkreli’s trial and sentencing, to forcefully liquidate some of the $5 million he reportedly has stashed in his E-trade brokerage account, according to the New York Post.

Prosecutors Tuesday asked Brooklyn federal judge Judge Kiyo Matsumoto to allow them access to Shkreli’s $5 million account to pay the remaining $464,894.13 he still owes in court fines and restitution.

Matsumoto has yet to rule on the motion. The government’s request comes nearly a year after the 35-year-old former hedge fund manager and pharmaceutical entrepreneur was convicted on three out of eight counts of fraud.

Shkreli

Shkreli initially attracted widespread attention when then-candidate Hillary Clinton drew attention to companies like Shkreli’s Turing Pharmaceuticals that were buying the rights to specialty drugs and hiking prices by astronomical margins. Turing in particular came under fire for jacking up the price of Daraprim – a drug meant to cure some complications sometimes developed by AIDS patients – by 5,000%. Clinton argued that these “outrageous” price hikes amounted to “price gouging” and also claimed that doctors were stockpiling the drug to give to poorer patients whose insurance might not cover it, or who – without insurance – would never be able to afford treatment.