Pharma Bro Forfeiture: Shkreli May Pay Millions, Lose Legendary Wu Tang Album

Pharma Bro Forfeiture: Shkreli May Pay Millions, Lose Legendary Wu Tang Album

Pharma Bro Forfeiture: Shkreli May Pay Millions, Lose Legendary Wu Tang Album

Martin Shkreli, who is in prison awaiting sentencing after being convicted of securities fraud in August, may have to hand over to the government his one-of-a-kind Wu Tang album "Once Upon a Time in Shaolin". 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.

Later, the album became the focus of two multi-million-dollar lawsuits and, additionally, allegations that it might not be an actual Wu-Tang Clan album after all.

Because of freaky threats against Hillary Clinton, posted to Facebook after his conviction, Shkreli has been awaiting his sentencing date in the custody of Brooklyn's Metropolitan Detention Center.

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Long before his conviction, Shkreli's purchase of the album sparked outrage among music fans.

Buzzfeed reports that prosecutors have filed a forfeiture submission in Brooklyn federal court to seize multiple assets from Shkreli which is a standard practice following a successful conviction.

Shkreli spent months past year, in the lead-up to his criminal trial, in a odd game of cat-and-mouse with Lil Wayne to acquire the album.

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In a schadenfreude-inducing letter, Rhode spells out the potential fines for Shkreli, who was convicted of securities fraud earlier this year. "Accordingly, forfeiture of any assets is not an appropriate remedy", Brafman said. As part of its assets forfeiture claim, the Justice Department said that it will keep the $5 million bond Shkreli posted before his bail was revoked.

Shkreli's counsel, private attorney Benjamin Brafman, could not be reached for comment.

Greebel's defense hinges on casting the lawyer as an unwitting pawn of Shkreli's machinations.

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Greebel's trial took Wednesday, Thursday and Friday off this week and should resume Monday.

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