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

02 December, 2017, 01:15 | Author: Christina Harvey
  • Shkreli's Wu-Tang Album Could Be Seized by US Prosecutors

Convicted former pharmaceutical executive Martin Shkreli should forfeit his copy of Wu-Tang Clan's "Once Upon a Time in Shaolin", rumored to be the album's only copy, as part of $7.4 million in assets federal prosecutors in Brooklyn are attempting to seize, according to a court filing.

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. A Brooklyn jury deliberated five days before finding Shkreli guilty on Friday on three of eight counts.

Shkreli's attorney, Ben Brafman, said he'll "vigorously oppose the government motion".

Shkreli is best known for raising the price of Daraprim, a then-62-year-old drug frequently used to treat HIV patients, from $13.50 to $750 a pill.

Shkreli had bragged about buying the only copy of New York-based Wu Tang Clan's "Once Upon a Time in Shaolin", drawing ire from music fans around the world when he said he had no plans to listen to it. "Accordingly, forfeiture of any assets is not an appropriate remedy", he said in a statement.




The forfeiture list included a brokerage account and a Picasso painting as well.

No one is asking the real question: what happens to the albums?

Martin Shkreli, CEO of Turing Pharmaceutical, being arrested on securities fraud allegations.

Docket records show that Shkreli's attorney Benjamin Brafman has until December 18 to file a response to the government's request.

Shkreli was convicted in August on two counts of securities fraud and one count of conspiracy to commit securities fraud, in connection with two hedge funds and a biotech company he ran.

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