Law Martin Shkreli ordered to forfeit Wu-Tang Clan album, $7.4 million

http://money.cnn.com/2018/03/05/news/martin-shkreli-wu-tang-forfeiture/index.html

Martin Shkreli was ordered by a federal judge Monday to forfeit nearly $7.4 million as a result of his fraud convictions last year.
Brooklyn Federal Judge Kiyo Matsumoto said he must give up his one-of-a-kind Wu Tang album, "Once Upon a Time in Shaolin," for which Shkreli reportedly paid $2 million.

In addition to the album, Matsumoto also ordered him to give up a Picasso painting, an album called "The Carter V" by Lil Wayne, and $5 million he posted for bail.

Shkreli was convicted of fraud for deceiving investors and misusing their money while he was a portfolio manager at a hedge fund. He faces sentencing at Brooklyn Federal Court on Friday, and could potentially get up to 20 years in prison.

Shkreli was convicted on August 4, 2017, and was out on bail until September 13, when the judge threw him in jail for his online offer of $5,000 to anyone who would bring him a strand of Hillary Clinton's hair.

Shkreli has been at the Brooklyn Metropolitan Detention Center ever since.

His lawyer, Ben Brafman, did not respond to a request for comment.

Shkreli, the former Chief Executive Officer of Retrophin (RTRX), is most famous for his role as founder and CEO of Turing Pharmaceuticals. That's where he jacked up the price of Daraprim, a life-saving drug for HIV patients, from $13.50 a pill to $750, sparking an angry public backlash. He ended up testifying on Capitol Hill about drug prices, but he sneered his way through the appearance and pleaded the Fifth Amendment.

The Daraprim debacle has nothing to do with his fraud convictions. Shkreli still has a net worth of $27.1 million, after subtracting for the forfeiture, and the taxes and legal fees that he owes, according to a court document.

 

[Bassomatic]

So when can I get my copy?

 

[PT 404]

Any Wu Tang album after Wu Tang Forever is worthless garbage tho.

 

[vertexwindi]

That judge ain't nothing to fuck with.

 

[ES 148]

martin shkreli doesn't care he can literally kill you by raising the price of all your medication

 

[Black Waltz]

martin shkreli doesn't care he can literally kill you by raising the price of all your medication

he's in jail tho

 

[ES 148]

he's in jail tho

this doesn't stop the shkreli

 

[2 litre soda]

I wonder how much money he's promised to give various inmates in exchange for them not beating him to death while the guards look on and laugh.

 

[AnOminous]

The Daraprim debacle has nothing to do with his fraud convictions.

They can say that, but it had everything to do with them.

"Laws are sand, customs are rock. Laws can be evaded and punishment escaped, but an openly transgressed custom brings sure punishment." Mark Twain

Once he did that, they were going to find something to nail him for. Otherwise, he would have continued to get away with a bit of fraud here and there.

I wonder how much money he's promised to give various inmates in exchange for them not beating him to death while the guards look on and laugh.

I don't know if it's bravado, but the first interview after he got locked up, he said he was doing fine. Also, you wouldn't really have to pay all of them off, just a couple of the bigger ones in charge of shit, and maybe do their families on the outside a few favors.

He sort of has the sociopathy to get along in prison, I think. I don't think he's going to end up like Subway Jared, who apparently gets his ass kicked routinely.

 

[CWCissey]

So will Shkreli no longer be the cat with the C.R.E.A.M?

 

[Randall Fragg]

martin shkreli doesn't care he can literally kill you by raising the price of all your medication

I imagine that he maniacally screams this at the pile of dead cockroaches in the corner of his cell, while Tyrone preps up for round 2.

 

[Onewittyuser]

I wouldn't be surprised if Shkreli smuggles a bomb into another inmate to escape because he is literally a cheesy cartoon supervilian at this point.

 

[RG 448]

So release the fucking album already. It was a stupid idea to only give it to one person in the first place.

 

[BV 937]

So release the fucking album already. It was a stupid idea to only give it to one person in the first place.

I'm just happy that I don't give a shit about Wu Tang Clan. If it was a NIN album or something I'd be losing hair waiting for it to get leaked.

 

[Yellow Yam Scam]

I wonder how much money he's promised to give various inmates in exchange for them not beating him to death while the guards look on and laugh.

He's apparently doing pretty well and more importantly, getting FUCKING JACKED

https://nypost.com/2018/02/23/martin-shkreli-got-buff-in-prison/

 

[RJ MacReady]

I don't know if it's bravado, but the first interview after he got locked up, he said he was doing fine. Also, you wouldn't really have to pay all of them off, just a couple of the bigger ones in charge of shit, and maybe do their families on the outside a few favors.

He sort of has the sociopathy to get along in prison, I think. I don't think he's going to end up like Subway Jared, who apparently gets his ass kicked routinely.

I'm not so sure. Fogle got his ass kicked when he flaunted his wealth and acted like hot shit once he'd paid off a couple of guys to bodyguard him... who ended up being more than happy to stand there and let him get his ass kicked. And that was in fucking Club Fed. I don't think Shkreli's social skills are any better.

 

[RG 448]

I'm not so sure. Fogle got his ass kicked when he flaunted his wealth and acted like hot shit once he'd paid off a couple of guys to bodyguard him... who ended up being more than happy to stand there and let him get his ass kicked. And that was in fucking Club Fed. I don't think Shkreli's social skills are any better.

Yeah but Shkreli also has the advantage of not being a sexpervert, which has to be playing a role in Fogle-Leghole’s prison experience.

 

[AnOminous]

I don't think Shkreli's social skills are any better.

I do. Plus he's not a pedo, and doesn't appear to be crying like a little bitch like some people would be doing in his situation.

 

[RG 448]

I do. Plus he's not a pedo, and doesn't appear to be crying like a little bitch like some people would be doing in his situation.

Whatever else he may be, he seems to be charismatic. Hell, I actually enjoyed watching him make congress look like a bunch of impotent little bitches during that one hearing where they demanded he answer for exploiting a system they have full control over themselves.

 

[RJ MacReady]

Yeah but Shkreli also has the advantage of not being a sexpervert, which has to be playing a role in Fogle-Leghole’s prison experience.

I do. Plus he's not a pedo, and doesn't appear to be crying like a little bitch like some people would be doing in his situation.

He whined like a spoiled child when he got convicted. If he miraculously and completely stopped being a smug prick the second they pushed him through the penitentiary doors he'd be fine, but so far no amount of threats or incentive has ever gotten him to shut up. He doesn't seem to be afraid of physical violence.