Federal Court Rejects Bail Reduction For Pharma Douche

CNBC reports:

A federal judge has rejected, for now, Martin Shkreli’s bid to reduce his criminal release bail from $5 million to $2 million during a hearing that exposed his high tax debts, legal fees, and off-beat collectibles.

Shkreli’s lawyer Benjamin Brafman also said that the accused securities fraudster, who claimed to be worth up to $70 million when he was arrested in late 2015, now “doesn’t have any cash.”

Despite that, Brafman conceded, Shkreli recently has made some “preposterous promises” to pay rewards. Those include a $40,000 payment for a math proof, and $100,000 for the identity of the murderer of a Democratic National Committee staffer, in what the lawyer said was an effort to remain in the public eye.

The lawyer said Shrekli has actually not made good on any such reward payment. He said his client is “traveling to his [own] very unique drummer.” Brafman also suggested that the one-of-a-kind Wu-Tang Clan album that Shkreli paid $2 million for several years ago is “probably worthless.”

There’s much more about Shkreli’s liabilities and non-liquid assets at the link. (Tipped by JMG reader Dennis)