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%.

All products and services featured are based solely on editorial selection. FORTUNE may receive compensation for some links to products and services on this website.

Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions