It looks like Pharma Bro Martin Shkreli won’t be able to sell his prized Wu-Tang album after all, since the feds are coming for it, and much more.
You might remember Shkreli as the most hated man in America after he hiked the prices on life-saving cancer drugs his company produced by 5000 percent. Soon after that, he continued to lay claim as America’s biggest troll by buying the Wu-Tang Clan’s priceless Once Upon a Time in Shaolin album at auction for $2 million.
Shkreli was flying high on Wall Street, but then it all came tumbling down around him. In August he was convicted of defrauding investors millions from his various pharmaceutical companies and was sentenced to pay back his many millions as restitution. Shkreli can’t quite come up with the funds, so the feds are going after his assets.
First on the docket is Shkreli’s Wu-Tang album, the very same album he tried to sell on eBay last September. It looks like he never was able to sell it since eBay took down the listing —probably because they knew the guy was trying to divest his assets before the government could seize them, and eBay didn’t want to be accused of being an accessory. Or maybe eBay just hated Shkreli as much as everyone else.
The feds are also trying to grab Shkreli’s copy of The Carter V, several tracks of which he teased online last year. The album is the much anticipated twelfth studio album of rapper Lil Wayne, which has been repeatedly delayed due to financial and legal arguments with his record publisher.
“I have acquired hip-hop's most exclusive, most sought-after album and it's mine,” Shkreli said last December. “It's gonna make Wu-Tang look irrelevant.”
Amongst everything else, Shkreli has been widely criticized for grabbing hip-hop’s most sought-after musical scores despite not being a true hip-hop fan. Now that he’s flat broke, Shkreli might be reconsidering his actions for once in his misbegotten life.
The court is looking to seize whatever they can to pay off Shkreli’s debts, and of his $7.4 million in assets, prosecutors have a lot to choose from. According to the court docs, the feds are also looking to get their hands on an Enigma machine, a Picasso painting, $5 million in his online brokerage account, and shares held in Turing Pharmaceuticals.
Despite the conviction, Shkreli’s lawyer Ben Brafman continues to extol his client’s innocence. "Our position is clear. None of the investors lost any money and Martin did not personally benefit from any of the counts of conviction. Accordingly, forfeiture of any assets is not an appropriate remedy."