Feds want 'Pharma Bro' Martin Shkreli's Wu-Tang Clan album

Feds want 'Pharma Bro' Martin Shkreli's Wu-Tang Clan album

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.

In court papers, prospectors wrote that the $7.3 million total represents "a conservative computation of the proceeds Shkreli personally obtained as a result of his three different securities fraud crimes of conviction".

Martin Shkreli, who is in prison awaiting sentencing after being convicted of securities fraud in August, may have to hand over to the government his one-of-a-kind Wu Tang album "Once Upon a Time in Shaolin".

The government said in its submission Friday it may also seek a Picasso painting Shkreli owns, his Enigma machine from World War II and $5 million from his E-Trade brokerage account. He was found not guilty on five other counts.

TMZ spoke to his attorney, Ben Brafman, who told them, "Our position is clear".

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Shkreli's lawyer is arguing since of his investors lost any money, he shouldn't have to give anything up. "Accordingly, forfeiture of any assets is not an appropriate remedy", Brafman said.

Reviled "Pharma Bro" and securities fraudster Martin Shkreli may have to part with some serious cash-or prized possessions-after U.S. Attorney Bridget M. Rhode requested the courts impose a forfeiture of more than $7.3 million on the shameful son of Sheepshead Bay. "These funds were, in essence, the life blood that fueled the fraud scheme". Shkreli disputed the charges and attempted to sway the jury with a simple rebuttal: His investors were wealthy and sophisticated and he ultimately made them richer.

Shkreli may no longer own the Wu Tang album, according to Bloomberg News.

Shkreli paid $2 million for the Wu-Tang album at an auction in 2015. Shkreli later apologized and said he was joking.

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