Prosecutors Are Coming For Martin Shkreli's $2M Wu-Tang Clan Album

Calvin Saunders
December 4, 2017

Among the assets the Federal Bureau of Investigation proposed seizing are "the album "Once Upon A Time in Shaolin" by the Wu Tang Clan, as well as any proceeds derived from the sale of such album; the album "Tha Carter V" by Lil Wayne, as well as any proceedsderived from the sale of such album".

In a letter filed this week in Brooklyn federal court, prosecutors told a judge that Shkreli is on the hook for $7.3 million. Among the calculations was $3 million for schemes at hedge fund MSMB Capital, $3.4 million from MSMB Healthcare, and $960,000 on conspiracy to commit securities fraud at his biotech company Retrophin.

Martin Shkreli, the convicted securities fraudster, insufferable troll, and so-called "Pharma Bro" widely loathed for jacking up the price of anti-parasitic drug Daraprim, bought the Wu-Tang clan's single-copy album Once Upon a Time in Shaolin in 2015, impressively making himself even more widely loathed.

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Last August, Shkreli was convicted of securities fraud, and he's now in jail awaiting sentencing. The 34-year-old "should be held financially responsible and forfeit this amount as it was obtained by him as a result of the fraud", they said. They are also hoping to seize a Picasso painting and an original Enigma machine, which Shkreli has described as a "Nazi relic" as it was used by the German military in the second world war.

In a report from TMZ, they say the government wants Shkreli to hand over the one-of-one Wu-Tang Clan album and Wayne's album. At one point, he put the album up for sale on Ebay, where it amassed bids upwards of $1 million, but it still appears to be in his possession at the time of writing. "Accordingly, forfeiture of any assets is not an appropriate remedy".

Other reports by MaliBehiribAe

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