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Martin Shkreli may have to forfeit assets, including $2M Wu-Tang Clan album

By Sara Shayanian
Martin Shkreli may have to forfeit assets, including $2M Wu-Tang Clan album
Ex-Turing Pharmaceuticals CEO Martin Shkreli may have to forfeit more than $7 million worth of assets as a result of his fraud conviction. File Photo by John Angelillo/UPI | License Photo

Dec. 1 (UPI) -- Prosecutors asked a federal judge in New York on Friday to force former pharmaceutical executive and hedge fund manager Martin Shkreli to forfeit $7.4 million in assets.

That could include $5 million in bail money, and a one-of-a-kind rap album by hip-hop group Wu-Tang Clan -- titled Once Upon a Time in Shaolin -- which Shkreli bought for $2 million last year.

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Prosecutors said they were also interested in Shkreli's holdings in Turing Pharmaceuticals, a Lil Wayne album The Carter V, a Picasso painting and an Enigma machine from World War II.

"We will vigorously oppose the government motion," Shkreli's lawyer Ben Brafman told CNN.

Shkreli was found guilty in August of three counts related to securities fraud.

In 2015, the ex-Turing CEO was heavily criticized for raising the cost of the life-saving drug Daraprim by 5,000 percent.

The fraud charges are related to a Ponzi scheme that Shkreli ran between 2009 and 2014, in which he gained $11 million from investors.

Shkreli is awaiting his Jan. 16 sentencing in a Brooklyn jail. He faces up to 20 years in prison.

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