Remember that Wu Tang Clan album with only one copy made? Well, things are getting pretty serious between federal prosecutors and they guy who has it in his possession, and he may have to give it up!
Officials have asked for his forfeiture of $7.36 million in assets they say Martin Shkreli owes as a result of securities fraud. He was convicted back in august on two counts and another charge of conspiracy to commit securities fraud. All were in connection with two hedge funds and a biotech company he headed up himself.
As a result, the former CEO executive may be forced to turn over substitute assets, including the single-copy Wu Tang Clan album he originally purchased for $2 million.
That’s not all they’re after — prosecutors want $5 million in cash, Shkreli’s share of Turing Pharmaceuticals, the Lil Wayne album Tha Carter V (wait, he owns that, too?), an Enigma machine and a Picasso painting. All the assets, including the long lost Wu Tang Clan album total a whopping $7.36 million.
The letter presented to the judge on his case states these assets represent “a conservative computation of the proceeds Shkreli personally obtained as a result of his three different securities fraud crimes of conviction.”
Shkreli, on the other hand, plans to “vigorously oppose the government motion.”
The criminal music collector put the rare Wu Tang Clan album up for sale on Ebay at one point, but it seems its still in his possession. Some members of the rap group have since come forward in saying it might not even be authentic. (More on all that here).
Shkreli is scheduled to be sentenced Jan. 16. Maybe the world will finally get to hear Once Upon a Time in Shaolin.
Source: CNBC
