Friday, 19 October, 2018

Martin Shkreli: Government Requests Wu-Tang Clan Album Forfeiture

Peter Foley  Bloomberg  Getty Images Peter Foley Bloomberg Getty Images
Jeannette Daniel | 03 December, 2017, 01:56

In August, a USA jury convicted Shkreli of defrauding investors in hedge funds he ran years before he gained fame for hiking the price of a drug.

Their seizure threats stem from prosecutors seeking money Shkreli owes after being convicted of defrauding investors.

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.

That could include $5 million in bail money, and a one-of-a-kind rap album by hip-hop group Wu-Tang Clan - titled Once Upon a Time in Shaolin - which Shkreli bought for $2 million previous year.

"Now that Shkreli has been convicted, substitute assets of his have been located and should be applied to partially satisfy the forfeiture money judgment", the government said in a letter to U.S. District Judge Kiyo Matsumoto. 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.


They tallied $3 million for schemes at the hedge fund MSMB Capital, $3.4 million at MSMB Healthcare, and $960,000 for his conviction on conspiracy to commit securities fraud at the biotech company Retrophin.

Shkreli's lawyer Ben Brafman told BuzzFeed News he will "vigorously oppose" the government's motion.

Martin Shkreli may have spun his last track on a one-of-a-kind album by the Wu-Tang Clan. He is being held at the Metropolitan Detention Center in Brooklyn awaiting sentencing and could serve up to 20 years. It had amassed bids of more than $1 million before Shkreli was remanded into custody in September for offering to pay his Facebook followers to grab Hillary Clinton's hair.

In his eBay listing, Shkreli said he has not "carefully listened to the album", and the work remains the subject of intrigue.

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