Monday, 11 December, 2017

Martin Shkreli: Government Requests Wu-Tang Clan Album Forfeiture

Martin Shkreli listed the album on eBay in September.   martishkrel_7/Ebay Martin Shkreli listed the album on eBay in September. martishkrel_7/Ebay
Diane Mills | 03 December, 2017, 01:57

In an effort to recover $7.3m in forfeitures from the convicted hedge fund manager and pharmaceutical ceo Martin Shkreli, federal prosecutors filed a motion in NY court on Friday (1 December) that says he should be forced to give up, among other valuable assets, a Picasso painting now in his possession.

Martin Shkreli, dubbed the "pharma bro" for exploits such as jacking up the price of a life-saving drug by 5,000 percent, should forfeit $7.4 million, including his Wu Tang Clan album and a Picasso painting, US prosecutors said on Friday.

Shkreli became an internet pariah in 2015 for increasing the price of a life-saving HIV medication from $14 to $750 per pill.

"These funds were, in essence, the life blood that fueled the fraud scheme", the prosecutors wrote of the estimated $3 million of the money he received from his activities at MSMB Capital hedge fund, $3.4 from MSMB Healthcare and $960,000 from biotech company Retrophin connected to his conspiracy to commit securities fraud conviction.

Shkreli's defense argued he ultimately paid back his investors more than they put into his funds.

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The 32-year-old "pharma bro" is facing a maximum sentence of 20 years in prison for securities fraud. This resulted in a judge revoking his bail and sending him to the Metropolitan Detention Center.

Now, the Department of Justice wants Shkreli to forfeit the album, along with his shares to Turing Pharmaceuticals, an Enigma machine, a Picasso painting, and the copy of the unreleased Lil Wayne album "The Carter V", which Shkreli claims to own as well. And what about Once Upon a Time in Shaolin?

Martin Shkreli may have spun his last track on a one-of-a-kind album by the Wu-Tang Clan. These assets included Once Upon A Time In Shaolin, which Shkreli purchased in 2015 for a rumored $2 million, and a copy of Tha Carter V, Lil Wayne's long-delayed studio album. He didn't make good on his promise, however, and instead played just 10 minutes of the album over streaming video while talking over the music.

Federal prosecutors want Martin Shkreli to give up his Wu Tang Clan album. Who knew the feds would take such an interest in ultra-rare rap records?

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