Feds Seek Shkreli's Wu-Tang Record, Picasso Painting in Forfeiture Motion

Peter Castro
December 2, 2017

According to docs, obtained by TMZ, prosecutors are going after Martin's assets - totaling almost $7.4 million - to pay down what he owes in restitution after getting convicted of defrauding investors.

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.

Of course, the U.S. Attorney was helpful enough to help Shkreli locate his pockets, or at least enumerate a few sources of cash for the hefty fine.

Among those identified by the U.S. Attorney's Office for the Eastern District of NY are a one-of-a-kind album by the rap group Wu-Tang Clan for which Shkreli paid $2 million, an unreleased album by rapper Lil Wayne purchased from an unknown third party for an undisclosed amount, an original Picasso, as well as $5 million being held in an E*Trade brokerage account.

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The album that the jailed former pharmaceutical CEO has boasted he bought for $2 million is on a list of assets that prosecutors argue Shkreli should forfeit after his securities fraud conviction earlier this year. The album was reportedly set for release before label drama between Wayne and Cash Money co-founder Birdman caused the album to be shelved.

Shkreli's attorney, Ben Brafman, said he'll "vigorously oppose the government motion".

After he was convicted, Shkreli put the Wu Tang Clan album - called "Once Upon a Time in Shaolin" - up for auction on eBay.

Prosecutors say Shkreli's assets subject to forfeiture also include an Enigma code-breaking machine from World War II and an unspecified Picasso. His sentencing is scheduled for next month.

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