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.
 
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RJ MacReady said:
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.
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Yeah but reports are saying he’s well-liked by the inmates and getting jacked. Like @AnOminous said, he gives off the vibe of someone who’d do well in prison.
 
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RJ MacReady said:
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.
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It doesn't help that he has the world's most punchable face.

Glad he can't keep the album. It was an absurd purchase just to flaunt his wealth.
 
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I wonder what the chances are of him starting a nice successful side hustle while in prison.
 
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Dirt McGirt said:
I wonder what the chances are of him starting a nice successful side hustle while in prison.
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I could easily see him picking out a few guys who will be out some time close to his own release that he could use on the outside for some shady business.

Bassomatic said:
I am sure he probably has enough ramen noodles to last an entire state college fed for weeks.
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That's what Bernie Madoff did, but with hot chocolate.
 
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For whatever reason, people seem to find him compelling and personable enough, from what I witnessed of his online activities. At its height, Shkreli's livestreams were consistently pulling in loads of viewers, even when he was just fucking around with a guitar or roasting random people who were calling in to debate him. I'm sure some of the initial attraction was his sheer notoriety or the handful of times when he would leak excerpts of the $2 million Wu Tang album, but he developed a pretty large following of dedicated regular viewers who must have found him pretty entertaining to keep watching his streams day after day.
 
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The problem with Jared Fogle is that he went to jail on a drug offense. As in, "I drug the kid behind the bushes and raped her." Because no one in jail wants to admit to being a pedo.

Supposedly, all the pedos stick together, because all the other prisoners hate them, and don't mind finding excuses to beat their asses. Which is fine, because I hate them too.
 
As much as I would like to think that Shkreli's getting raped to death in prison, I honestly don't think that is going to happen. For one, he has millions under his belt. And for another, he is a legit drug manufacturer...and such connections are worth more than gold behind the bars.
 
CWCissey said:
7 years in (I'm assuming) rich man's prison? What's he bitching about?
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There really should be some sort of (largely deterministic) externally auditable system for allocating prisoners. You commit X type of crime, you've got Y record, you must go to Z prison.

I assume there are already guidelines, but they seem far too mushy.
 
Final update: Shrekli's request to be sent to a minimum security camp was rejected and he's going to FCI Dix, a low security federal prison in New Jersey.

Ironically enough the judge supported sending him to minimum security but the Bureau of Prisons said no because he'd been declared a "public danger" for his antics with Hillary Clinton's hair... by the same judge. It's a pretty obvious middle finger.

It's still Club Fed, but low security is a step down in quality of life. There's razor wire, stricter rules, shittier housing and more guards.
 
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Testaclese Maximus said:
Yeah but reports are saying he’s well-liked by the inmates and getting jacked. Like @AnOminous said, he gives off the vibe of someone who’d do well in prison.
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I'm imaging him training an indomitable army of douche bags while in prison. They'll be released out into the public to do far worse things.
 
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