Martin Shkreli Ordered To Forfeit Assets

Seth Wenig/AP – Martin Shkreli
Leaving court in New York.

Notorious music and fine art collector Martin Shkreli may soon have to part with his sole copy of Wu-Tang Clan’s Once Upon A Time In Shaolin album as a judge has ordered his assets to be seized in a securities fraud case. 

Shkreli was convicted in August of last year of scamming investors in a hedge fund he was managing, and U.S. district judge Kiyo Matsumoto ruled Feb. 26 that he would be held responsible for the nearly $10.5 million the hedge fund lost, and that he had used some of the funds “to satisfy both personal and unrelated professional obligations.” 

Matsumoto further ruled March 5 that Shkreli will have more than $7.3 million in assets seized, including his one-of-a-kind copy Wu-Tang album and a painting by Pablo Picasso, though she ruled that the assets won’t be seized until Shkreli actually has a chance to appeal. Shkreli has also boasted about having Lil Wayne’s Tha Carter V, according to the Associated Press. 

Prosecutors are recommending 15 years in prison for the “Pharma Bro,” who became famous for increasing the price of a life-saving drug by 5,000 percent. 

A notorious troll, he has taken a more contrite tone recently, writing to judge Matsumoto March 3. “I was wrong. I was a fool. I should have known better.” Shkreli’s lawyers have asked for a maximum sentence of 18 months, and he is currently locked up, as the judge ordered him jailed in September when he offered $5,000 for a lock of Hillary Clinton’s hair, presumably to be obtained from her book tour.

At publication time Shkreli was scheduled to receive his sentencing March 9.