Pharma Bro Forfeiture: Shkreli May Pay Millions, Lose Legendary Wu Tang Album

02 December, 2017, 01:11 | Author: Eleanor Thompson
  • Feds want to seize Martin Shkreli’s Wu Tang album

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

Shkreli is notorious for raising prices exponentially on the Aids drug Daraprim, and for his unabashed responses to critics, which earned him the nickname "pharma bro".

When the RZA and fellow Wu Tang member Tarik Azzougarh consigned the only copy of the album for auction, they made it a condition that whoever bought the album could not distribute it commercially for 88 years.

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

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Prosecutors note that their diligent efforts to Shkreli's assets have not borne much fruit.

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 proceeds derived from the sale of such album".

No one is asking the real question: what happens to the albums?

Finally, the letter names a Picasso painting and the Enigma Code Machine, a famed device used to transmit encrypted messages in World War II, as two more assests the price-gouging convict should have to sell in order to pay up.

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Prosecutors say Shkreli accessed millions of dollars during the periods of time he committed securities fraud, and should be forced to "forfeit those funds he would not have had but for his criminal offenses".

Shkreli's counsel, private attorney Benjamin Brafman, could not be reached for comment.

He was convicted in August of securities fraud and conspiracy after misleading investors in his hedge funds, MSMB Capital and MSMB Healthcare.

Shkreli's trial posed an unusual obstacle for prosecutors in that investors who were defrauded did not lose money.

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