Feds want to seize Martin Shkreli's Wu-Tang album

02 December, 2017, 01:15 | Author: Kristine Mills
  • Martin Shkreli

Along with the Wu-Tang Clan "Once Upon a Time in Shaolin" album, prosecutors say Shkreli should give up $5 million in cash in a brokerage account, his interest in a pharmaceutical company and other valuables including a Picasso painting and another unreleased recording that he claims he owns, "Tha Carter V" by Lil Wayne.

The government, in papers filed in federal court in Brooklyn on Thursday, said it wants Shkreli to forfeit some $7.4 million in assets pursuant to his conviction.

Along with the disk set, which he bought two years ago for $2 million from the celebrated NY hip-hop group, the government said it may also seek a Picasso painting he owns, his Enigma machine from World War II, and his interest in Turing Pharmaceuticals AG.

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In a "conservative computation of the proceeds Shkreli personally obtained as a result of his three different securities fraud crimes of conviction", the recommendation calls for three forfeitures for Shkreli, in amounts pf $2,998,000, $3,403,450 and $960,000 respectively for three different counts of securities fraud.

Shkreli was convicted in August of misleading investors in two of his hedge funds, MSMB Capital and MSMB Healthcare. A Brooklyn jury deliberated five days before finding Shkreli guilty on Friday on three of eight counts. "Our position is clear. Accordingly, forfeiture of any assets is not an appropriate remedy", he said in a statement.

"These funds were, in essence, the life blood that fueled the fraud scheme", the prosecutors wrote. Among the listed assets are a Wu-Tang Clan's Once Upon A Time In Shaolin and Lil Wayne's The Carter V, the latter of which many doubted Shkreli actually owned and was just more trolling. His sentencing is scheduled for next month.

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