United States wants 'Pharma Bro' Shkreli to forfeit $2M Wu-Tang album

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

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.

The forfeiture of $US7,360,450 "represents a conservative computation of the proceeds Shkreli personally obtained as a result of his three different securities fraud crimes of conviction", Bridget M. Rohde, the acting U.S. attorney for the Eastern District of NY, said in a court filing on Friday.

After trying to hike up the price of AIDS medication, he ended up copping the one of a kind Wu-Tang Clan Album Once Upon A Time In Shaolin and by luck, got his hands on Lil Wayne's highly-anticipated Tha Carter V.

They're also set to take a Picasso painting, an Enigma machine, $5 million in cash (from his E-Trade account), and his shares of Turing Pharmaceuticals.

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.

Shkreli's Wu-Tang Album Could Be Seized by US Prosecutors
Martin Shkreli Feds Want Wu-Tang, Lil Wayne Albums

Even after being convicted, Shkreli struggled to repress his quirky instincts and to stay off social media.

He was found guilty on three of eight counts of securities fraud - including cheating investors out of more than $11 million between 2009 and 2014 in a "Ponzi-like scheme" - and faces up to 20 years in prison.

"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.

Shkreli may no longer own the Wu Tang album, according to Bloomberg News. Shkreli later apologized and said he was joking.

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