Martin Shkreli May Be Forced To Give Up His One-Of-A-Kind Wu-Tang Album
Mon, 04 Dec 2017 10:01:45
Universally loathed former hedge fund manager Martin Shkreli has not been having a good time as of recent days. The now-convicted felon is currently sitting in a Brooklyn detention center as he awaits sentencing for three counts of securities fraud. Shkreli faces up to 20 years in prison, and it now looks like the government will also be coming after some of his assets.
Via a 10-page legal filing, federal prosecutors in the case argue that Shkreli "should forfeit more than $7 million in assets after being convicted of lying to investors." Within those assets, filing asks that "Shkreli should turn over two rap albums — the only known copy of the Wu-Tang Clan's Once Upon a Time in Shaolin and Lil Wayne's Tha Carter IV", as well as $5 million in cash, interest in a company he started, Touring Pharmaceutical, and a Picasso painting. They also asked that he give up one of the World War II-era Enigma code-breaking machines used against Nazi Germany.
The total sum of all sought assets is $7,360,450, which represents "a conservative computation of the proceeds Shkreli personally obtained as a result of his three different securities fraud crimes of conviction," according to the filing from the acting US attorney for New York's Eastern District, Bridget M. Rhode. Shkreli's lawyer, Benjamin Brafman, is arguing that "none of the investors lost any money and Martin did not personally benefit from any of the counts of conviction."
Shkreli initially purchased the only copy of Once Upon a Time in Shaolin for two million dollars, back in November of 2015. In December 2016, he also publicly claimed to have purchased Lil Wayne's long-awaited Tha Carter V.
There is no guarantee that Shkreli will be forced to give up any assets, but it he is, the album will likely end up in the hands of the Justice Department who would then be expected to auction it to a new highest bidder.
Download your own copy of the new Wu-Tang Album from iTunes
—The ARTISTdirect Staff