Shkreli begs for ‘bail’ out

New York Post - - NEWS - Priscilla DeGre­gory

“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 Mon­day in Brooklyn fed­eral court.

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

Pros­e­cu­tors said Shkreli, 34, was worth $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, cit­ing 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,” pros­e­cu­tor Alixan­dra Smith said, adding that he has 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 Pi­casso paint­ing and a Nazi-era Ger­man Enigma ma­chine. Such ma­chines have sold for nearly $300,000 at auc­tion.

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

Shkreli’s trial is ex­pected to take five to six weeks. Pros­e­cu­tors re­vealed Mon­day that they have a list of 57 po­ten­tial wit­nesses, while the de­fense has 34.

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