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News Worms


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

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

Prosecutors said Friday Shkreli should be forced to forfeit $7.4 million, which could include $5 million in bail money and the album "Once Upon a Time in Shaolin".

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.

Along with the Wu-Tang Clan album, they say he should give up $5 million in cash in a brokerage account, a Picasso painting and other valuables.

Shkreli, infamous for hiking the price of a critical drug, Daraprim, was convicted August 4 in an unrelated trial of lying to investors in two hedge funds he used to run.

Shkreli is now in jail in Brooklyn and is scheduled to be sentenced on January 16, 2018. He is being held in Brooklyn while he awaits sentencing.

It's unclear whether Shkreli is still the owner. A listing for the album was posted on eBay and allegedly sold for $1 million in September - while Shkreli was in prison - though the buyer was never identified. The sale was completed while Shkreli was in jail, after his bail was revoked for posting a weird request on Facebook to pay $5,000 for a strand of former Secretary of State Hillary Clinton's hair. Shkreli later apologized and said he was joking. "Accordingly, forfeiture of any assets is not an appropriate remedy", Brafman said.

Shkreli, who disputed the charges, signaled through his attorney he would also oppose the forfeiture request.

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