Shkreli must turn over Wu Tang album, prosecutors tell court

02 December, 2017, 01:15 | Author: Julian Swanson
  • Shkreli's Wu-Tang Album Could Be Seized by US Prosecutors

The letter identifies specific assets to be forfeited, including the famous "Once Upon a Time In Shaolin", the only extant copy of a Wu Tang Clan album Shkreli purchases and famously bragged about on social media.

In a forfeiture submission filed Thursday in Brooklyn federal court, prosecutors asked judge Kiyo Matsumoto to seize $7.4 million in assets from the former pharmaceutical executive.

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 United States attorney for the Eastern District of NY, said in a court filing on Friday.

"We will vigorously oppose the government motion", said Shkreli's lawyer Ben Brafman in an email to CNNMoney.

Shkreli was convicted in August on two counts of securities fraud and one count of conspiracy to commit securities fraud, in connection with two hedge funds and a biotech company he ran. A Brooklyn jury deliberated five days before finding Shkreli guilty on Friday on three of eight counts.

"Our position is clear", Brafman said in a statement Friday.

Martin Shkreli, CEO of Turing Pharmaceutical, being arrested on securities fraud allegations.

Shkreli's defense argued he ultimately paid back his investors more than they put into his funds.

In addition to the Wu Tang Clan album, other substitute assets being eyed by the government include "The Carter V", a years-delayed and still-unreleased album by Lil Wayne.

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

In his eBay listing, Shkreli said he has not "carefully listened to the album", and the work remains the subject of intrigue. His sentencing is scheduled for next month.

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