Shkreli's Wu-Tang Album Could Be Seized by US Prosecutors

02 December, 2017, 01:16 | Author: Angelina Schmidt
  • Society
Society
U.S. Prosecutors Might Seize Shkreli's Wu Tang Album
By Lauren Briggs

Federal prosecutors say "Pharma Bro" Martin Shkreli owes the U.S. government almost $7.4 million in forfeitures and authorities Friday filed a motion with U.S. District Judge Kiyo Matsumoto of the Eastern District of NY pointing to some of Shkreli's personal assets that could help make up the difference.

The $7.36 million, the prosecutors wrote in a letter to Judge Kiyo Matsumoto Thursday, "represents a conservative computation of the proceeds Shkreli personally obtained as a result of his three different securities fraud crimes of conviction".

Shkreli's Wu-Tang Album Could Be Seized by US Prosecutors

Martin Shkreli may have spun his last track on a one-of-a-kind album by the Wu-Tang Clan.

He was convicted in August of securities fraud and conspiracy after misleading investors in his hedge funds, MSMB Capital and MSMB Healthcare.

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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. He was found not guilty on five other counts.

The Wu-Tang album authorities are trying to get him to handover was actually sold back in September for $1M on eBay, half of what he actually acquired it for.

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Shkreli's lawyer Ben Brafman said they will vigorously oppose the forfeiture motion.

Their seizure threats stem from prosecutors seeking money Shkreli owes after being convicted of defrauding investors. Shkreli won the album after he bid $2 million in an auction, and owns the only copy of the album in existence.

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Prosecutors say Shkreli accessed millions of dollars during the periods of time he committed securities fraud, and should be forced to "forfeit those funds he would not have had but for his criminal offenses". Shkreli later apologized and said he was joking.

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