Martin Shkreli (Photo: Diego M. Radzinschi/ALM)

The New York City-based federal appeals court on Thursday morning upheld Martin Shkreli's conviction on securities fraud and conspiracy charges, along with an order requiring him to forfeit $7.3 million to the government.

The U.S. Court of Appeals for the Second Circuit, in a seven-page summary order, rejected claims from the disgraced pharmaceutical executive that the judge in his case had relayed incorrect and confusing jury instructions, leading to a split verdict in 2017 that cleared him of five other counts, including wire fraud.

A Brooklyn federal judge the following April sentenced Shkreli, the former CEO of Turing Pharmaceuticals, to serve seven years in prison, pay a fine and restitution and forfeit more than $7.3 million acquired through what prosecutors said amounted to a Ponzi scheme to defraud investors in his two hedge funds.

A three-judge panel of the appeals court found that the “no ultimate harm” jury instruction that Shkreli disputed had been upheld in multiple securities fraud cases, and its exclusion would have resulted in a “windfall” for Shkreli, who is currently serving out his sentence in Pennsylvania.

Shkreli, who became known as the “Pharma bro” after a contentious hearing where he testified to a congressional committee, had also argued that not all investors in his failed hedge funds had testified at trial, warranting a reduction in his forfeiture, which includes $5 million from his brokerage account, a one-of-a-kind Wu-Tang Clan album and a Pablo Picasso painting.

The appeals court, however, agreed with Department of justice attorneys, who cited the “sheer breadth and depth” of false promises and omissions Shkreli had made to investors.

“We agree with the government that the continuing misrepresentations sent to all investors in the funds (in the form of false performance reports sent out on a regular basis, for example) clearly link Shkreli's ability to retain the invested money to his fraud,” the panel wrote. “As such, we discern no clear error in the district court's factual finding that the money associated with all the investors was traceable to Shkreli's fraud irrespective whether or not the investors testified.”

Read More:

Jury Finds Former Martin Shkreli Attorney Guilty in Stock Scheme

Ex-Shkreli Lawyer Suspended From SEC Following Fraud Conspiracy Conviction

Shkreli Ordered to Forfeit More Than $7.3M for Securities Fraud

Judge: Shkreli Caused More Than $10M in Losses to Investors