Shkreli's Wu-Tang Album, Picasso Eyed for Forfeiture
- Author: Kyle Peterson Dec 02, 2017,
Dec 02, 2017, 0:38
Shkreli paid $2 million for the Wu-Tang album at an auction in 2015.
Among those identified by the U.S. Attorney's Office for the Eastern District of NY are a one-of-a-kind album by the rap group Wu-Tang Clan for which Shkreli paid $2 million, an unreleased album by rapper Lil Wayne purchased from an unknown third party for an undisclosed amount, an original Picasso, as well as $5 million being held in an E*Trade brokerage account.
They also asked for $5 million in cash that was held in an E*Trade account as security for Shkreli's bond; Shkreli's shares of Turing Pharmaceuticals, the drug company that rocketed him to infamy for raising the price of the medicine Daraprim; the Lil Wayne album "Tha Carter V;" an Enigma machine and a Picasso painting.
In a schadenfreude-inducing letter, Rhode spells out the potential fines for Shkreli, who was convicted of securities fraud earlier this year. It is thought to have never been heard publicly otherwise. The album was put up for sale on eBay in September and appeared to have been sold for about $1 million, although no buyer has been identified. Prosecutors said the post showed he was a threat to public safety.
Shkreli's attorney, Ben Brafman, said he'll "vigorously oppose the government motion". Shkreli later apologized and said he was joking.
Shkreli's lawyer is arguing since of his investors lost any money, he shouldn't have to give anything up. Prosecutors alleged Shkreli, who was chief executive officer of Retrophin, stole from the company to repay the investors, but he was acquitted of that charge. Several of Shkreli's former investors have testified in the trial.
The case is U.S. v. Shkreli, 15-cr-00637, U.S. District Court, Eastern District of New York (Brooklyn).