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Feds: Martin Shkreli must forfeit Carter V + Wu-Tang albums

That’s a “No” Pharma Bro

Martin Shkreli, a.k.a. “Pharma Bro,” is back in the news again after having been convicted of securities fraud last. Now, based on the decision passed down by federal judge Kiyo Matsumoto, the 34-year-old must pony up $7.3 million in assets, which include the rare $2 million Wu-Tang Clan album, Once Upon a Time in Shaolin, and Lil Wayne‘s long-awaited Tha Carter V.

The determination from the judge also included a painting by Pablo Picasso; an enigma machine, used by British codebreakers to decipher German messages during WWII; $5 million in cash held in an E-Trade brokerage account as security for Shkreli’s bail; and all Shrkeli’s shares and interest in Vyera Pharmaceuticals.

Prior to his conviction, Shkreli first made headlines in 2015, after startling news that the former founder and CEO of Turning Pharmaceuticals—now Vyera—had raised the price of a drug used to treat patients with HIV and AIDS. He became a pariah on the internet after news got out about his 5000 percent price hike for the medication, known as “Daraprim,” which skyrocketed from $13.50 a pill to $750 overnight.

Pressured by the internet and celebrities alike, the company eventually reduced the price, however, but that wouldn’t stop Martin Shkreli from popping up in the news again. A few months later, he got into a heated battle with the Wu-Tang Clan after purchasing their one-of-a-kind Once Upon a Time in Shaolin record.

“He bought it, he can do what he wants,” RZA told Bloomberg in an interview back in January 2016. “He has the power to do something really cool. If he wants to be philanthropic he can do something that would allow more people to hear the record.”

After learning of Shkreli, Ghostface Killah would go at it by posting hilarious videos on Instagram and detailing faux contract agreements that would allow the Wu-Tang Clan to steal the album back with the help of Hollywood actor Bill Murray.

In 2016, Shkreli again popped up in the news after publically claiming to have bought Lil Wayne’s unreleased studio album, Tha Carter V. The album has been held up in limbo for some time due to financial and legal discrepancies between Wayne and Cash Money co-founder and CEO Birdman. However, in a recent interview with RapUp TV, Birdman guaranteed that the highly anticipated album, Tha Carter V, will finally be released sometime in 2018.

Shkreli was convicted of security fraud, last August, for improperly using pharmaceutical company stock to repay investors, whose money he had lost in two previous hedge funds. According to CNN, he was out on bail for a month before the judge revoked it after Shkreli offered $5,000 online to anyone who would bring him a strand of Hillary Clinton’s hair. He is currently behind bars at the Brooklyn Metropolitan Detention Center.

The Daraprim “price gouging” did not have to with his conviction and he reportedly still has a net worth of $27.1 million, after subtracting for the $7.3 million forfeiture, the taxes, and legal fees he still owes. Shkreli will be sentenced on March 9th and could face up to 10 years in a federal prison.

 

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