Former Turing Pharmaceuticals AG Chief Executive Officer Martin Shkreli Court Appearance
Photograph by Victor J. Blue—Getty/Bloomberg Bloomberg Bloomberg via Getty Images

Martin Shkreli Asks for $3M Bail Reduction to Help Pay Legal Fees

Jun 17, 2017

Martin Shkreli, known to the world as a "pharma bro," has asked for a $3 million reduction of his $5 million bail in order to help pay his legal fees.

Shkreli has been accused of defrauding investors and is facing felony charges for taking money from the pharmaceutical company Retrophin to allegedly pay defrauded investors in two separate hedge funds.

His lawyer, Benjamin Brafman, told U.S. District Judge Kiyo Matsumoto of the Eastern District of New York that Shkreli needs relief from that amount in order to access funds in an E*Trade securities account, the report said.

Shkreli's financial problem stems from his assets not being liquid, or readily turned into cash, according to USA Today.

Shkreli's "pharma bro" identity comes from the backlash he faced after raising the price on an AIDS treatment medication by 5,000%.

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