Published: Sat, December 02, 2017
Culture | By Antonia Gonzales

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

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

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.

Martin Shkreli, dubbed the "pharma bro" for exploits such as jacking up the price of a life-saving drug by 5,000 percent, should forfeit $7.4 million, including his Wu Tang Clan album and a Picasso painting, US prosecutors said on Friday.

He is now imprisoned in a Brooklyn jail after he was convicted of securities fraud in August. He is being held in Brooklyn while he awaits sentencing. It is thought to have never been heard publicly otherwise. It had amassed bids of more than $1 million before Shkreli was remanded into custody in September for offering to pay his Facebook followers to grab Hillary Clinton's hair. Prosecutors said the post showed he was a threat to public safety.

"Our position is clear", Brafman said in a statement Friday. Shkreli later apologized and said he was joking. None of the investors lost any money and Martin did not personally benefit from any of the counts of conviction.

Prosecutors say Shkreli's assets subject to forfeiture also include an Enigma code-breaking machine from World War II and an unspecified Picasso. Some reported receiving well in excess of what they initially gave Shkreli.

Assistant U.S. Attorney Claire Kedeshian calls the figure a "conservative computation" of the amount Shkreli should be made to forfeit after he was found guilty in August of three counts.

The case is U.S. v. Shkreli, 15-cr-00637, U.S. District Court, Eastern District of New York (Brooklyn).

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