Martin Shkreli may need to find a new way to secure his bail — he recently suffered a $40 million decrease in the value of a trading account he planned on using, according to Reuters.
"There's nothing like an indictment to affect the price of shares even if the shares have significant value," said Mr. Shkreli's lawyer, Benjamin Brafman.
The trading account primarily contained shares of KaloBios Pharmaceuticals, a company Mr. Shkreli headed up for a brief period of time, according to Assistant U.S. Attorney Winston Paes.
When KaloBios filed for bankruptcy at the end of last year, Mr. Shkreli's E*Trade brokerage account droped from $45 million to between $4 and $5 million. Now Mr. Shkreli might need new assets to secure his $5 million bond, Assistant Attorney Paes said.
Mr. Shkreli was arrested for securities fraud charges during his time managing two companies: MSMB Capital Management and Retrophin.