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Judge Won't Release Bail Money to Jailed Martin Shkreli

by Tracy Connor /
Image: Former Turing Pharmaceutical CEO Martin Shkreli arrives at Federal Court
Martin Shkreli, former chief executive of Turing Pharmaceuticals, arrives at the U.S. Federal courthouse on July 28, 2017 in Brooklyn, New York.Andrew Gombert / EPA

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The Brooklyn judge who revoked pharmaceutical executive Martin Shkreli's $5 million bail and put him in jail refused Thursday to free up the money that secured his bond.

U.S. District Judge Kiyo Matsumoto said Shkreli's eTrade account should remain tied up until the court determines whether he needs to pay a fine, restitution or monetary penalty. And she ordered prosecutors and the defense to discuss whether there will be a forfeiture proceeding.

Image: Martin Shkreli
Martin Shkreli with attorney Benjamin Brafman after his conviction.Carlo Allegri / Reuters file

Shkreli — who earned the nickname "Pharma Bro" for his cavalier response to criticism over price hikes for a lifesaving drug — was convicted of security fraud charges in August.

Although initially free on bail, he was sent to federal lockup last month after the judge found that a social media post in which he offered cash for a hair from Hillary Clinton's head could be seen as "solicitation of assault."

The 34-year-old will remain in jail until his Jan. 16 sentencing. Although he has boasted he will probably spend less than a year at a cushy "Club Fed," he faces up to 20 years in prison.

His attorney had no immediate comment on the judge's ruling.

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