In addition to the album, the former pharmaceutical executive may be forced to hand over Lil Wayne's 'Tha Carter V' as well as a Picasso painting.
- Dec 2, 2017
AceShowbiz - It seems former pharmaceutical executive Martin Shkreli will lose his exclusive Wu-Tang Clan's album "Once Upon a Time in Shaolin". Federal prosecutors asked federal court judge on Thursday, November 30 to seize $7.4 million in assets from him after he was convicted of lying to investors.
According to Bridget M. Rohde, the amount of forfeiture "represents a conservative computation of the proceeds Shkreli personally obtained as a result of his three different securities fraud crimes of conviction." Besides, the court document said that the assets would be seized to "hold Shkreli financially accountable for his criminal conduct by requiring him to forfeit [$7.4 million]."
In addition to his exclusive Wu-Tang Clan's album, which he personally bought for about $2 million two years ago, the 34-year-old man might be forced to hand over a Picasso painting, an Enigma machine from World War II as well as Lil Wayne's album "Tha Carter V". Federal prosecutors also stated that they would like Shkreli to pay $5 million in cash.
It is unclear whether or not Shkreli is still the owner of "Once Upon a Time in Shaolin", though. Reports said that the album was put up for sale on eBay in September and appeared to have been sold for about $1 million, although no buyer has been identified. The sale was completed while Shkreli was in jail.
Following the announcement, Benjamin Brafman, Shkreli's lawyer, said in an e-mail that they would "vigorously oppose the government motion." He continued, "Our position is clear. None of the investor lost any money and Martin did not personally benefit from any of the counts of conviction. Accordingly, forfeiture of any assets is not an appropriate remedy."
Shkreli was convicted this summer of lying to investors to get their money. According to prosecutors, he used the money to cover up massive losses after making a bad stock bet.
