Prosecutors Want Martin Shkreli to Forfeit His Wu Tang Clan CD

Prosecutors Want Martin Shkreli to Forfeit His Wu Tang Clan CD

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.

According to the documents they've obtained, the prosecutor's also seeking a handful of his assets that total to $7.4 million.

Martin Shkreli might have to hand over his one-of-a-kind Wu-Tang album, and Lil Wayne's "Tha Carter V" if the feds get their way - but that's the least of his problems.

Along with the disk set, which he bought two years ago for $2 million from the celebrated NY hip-hop group, the government said it may also seek a Picasso painting he owns, his Enigma machine from World War II, and his interest in Turing Pharmaceuticals AG.

He was found guilty on three of eight counts of securities fraud - including cheating investors out of more than $11 million between 2009 and 2014 in a "Ponzi-like scheme" - and faces up to 20 years in prison.

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

The government said it will keep the $5 million bail Shkreli posted and listed a number of other items to make up the difference, including the famed Wu Tang album Shkreli said he paid $2 million for, Lil Wayne's album "The Carter V", a Picasso painting, and an Engima machine from World War II.

Shkreli's lawyer is arguing since of his investors lost any money, he shouldn't have to give anything up.

In his eBay listing, Shkreli said he has not "carefully listened to the album", and the work remains the subject of intrigue. "Accordingly, forfeiture of any assets is not an appropriate remedy".

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