Prosecutors Want Martin Shkreli to Forfeit His Wu Tang Clan CD

Prosecutors Want Martin Shkreli to Forfeit His Wu Tang Clan CD

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 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 CNNMoney, Shkreli's prosecutors are seeking to seize $7.4 million in assets from Shkreli, who was convicted of securities fraud in August and later imprisoned. He was found not guilty on five other counts.

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

"Now that Shkreli has been convicted, substitute assets of his have been located and should be applied to partially satisfy the forfeiture money judgment", the government said in a letter to U.S. District Judge Kiyo Matsumoto.

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Prosecutors say Shkreli accessed millions of dollars during the periods of time he committed securities fraud, and should be forced to "forfeit those funds he would not have had but for his criminal offenses".

The motion filed Friday argued that the forfeiture amount was based on Shkreli's defrauding investors in MSMB Capital and MSMB Healthcare, and from the funds generated from the Retrophin Inc. shares transferred to defraud MSMB investors to pay them off.

Shkreli paid $2 million for the only existing copy of the Wu-Tang album at an auction in 2015.

In a report from TMZ, they say the government wants Shkreli to hand over the one-of-one Wu-Tang Clan album and Wayne's album.

He's scheduled to be sentenced January 16.

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