Martin Shkreli’s Wu-Tang Album Could Be Seized by Government
- 6 years ago
Martin Shkreli’s Wu-Tang Album Could Be Seized by Government
Judge Matsumoto also authorized the government to seize Mr. Shkreli’s assets, including his one-of-a-kind Wu-Tang album, “Once Upon a Time in Shaolin,” for which he reportedly spent more than $1 million; a Lil Wayne album, “Tha Carter V”; a Picasso painting; his shares in Vyera Pharmaceuticals;
and $5 million in an E-Trade account securing Mr. Shkreli’s bond, which makes up “the majority of Mr. Shkreli’s liquid assets,” according to a court filing by Mr. Shkreli’s lawyers.
A judge on Monday authorized the federal government to seize rare Wu-Tang
and Lil Wayne albums owned by Mr. Shkreli, the former pharmaceutical executive convicted of fraud, if he can’t come up with the $7.36 million he owes the government.
The government is allowed to access the other property because it showed
that Mr. Shkreli had “transferred,” “substantially diminished” or “commingled” the direct proceeds of his fraud, Judge Matsumoto wrote.
Judge Kiyo A. Matsumoto of Federal District Court in Brooklyn ruled Monday that Mr. Shkreli owes the money to pay back what he made from his fraud.
Judge Matsumoto also authorized the government to seize Mr. Shkreli’s assets, including his one-of-a-kind Wu-Tang album, “Once Upon a Time in Shaolin,” for which he reportedly spent more than $1 million; a Lil Wayne album, “Tha Carter V”; a Picasso painting; his shares in Vyera Pharmaceuticals;
and $5 million in an E-Trade account securing Mr. Shkreli’s bond, which makes up “the majority of Mr. Shkreli’s liquid assets,” according to a court filing by Mr. Shkreli’s lawyers.
A judge on Monday authorized the federal government to seize rare Wu-Tang
and Lil Wayne albums owned by Mr. Shkreli, the former pharmaceutical executive convicted of fraud, if he can’t come up with the $7.36 million he owes the government.
The government is allowed to access the other property because it showed
that Mr. Shkreli had “transferred,” “substantially diminished” or “commingled” the direct proceeds of his fraud, Judge Matsumoto wrote.
Judge Kiyo A. Matsumoto of Federal District Court in Brooklyn ruled Monday that Mr. Shkreli owes the money to pay back what he made from his fraud.