Federal prosecutors want to seize the Wu-Tang Clan album that Martin Shkreli paid $2 million for
- Federal prosecutors reportedly want to seize the former pharmaceutical executive Martin Shkreli's one-of-a-kind Wu-Tang Clan album as part of an assets seizure.
- Shkreli paid $2 million for the Wu-Tang album at an auction in 2015.
- He is currently imprisoned in a Brooklyn jail after he was convicted of securities fraud in August.
Federal prosecutors have reportedly asked a Brooklyn Federal Court judge that the former pharmaceutical executive Martin Shrekli turn over his one-of-a-kind Wu-Tang Clan album as part of an assets seizure. Advertisement
According to CNNMoney, Shkreli's prosecutors are seeking to seize $7.4 million in assets from Shkreli, who was convicted of securities fraud in August and later imprisoned.
To collect the $7.4 million, the government has reportedly suggested it will keep the $5 million Shkreli paid in bail, and that the remaining money could be covered by Shkreli's other assets, including the Wu-Tang Clan album ("Once Upon a Time in Shaolin"), the Lil Wayne album "The Carter V," a Picasso painting, and an Enigma machine from World War II, according to court documents.Shkreli paid $2 million for the only existing copy of the Wu-Tang album at an auction in 2015.
In September, Shkreli listed the album on eBay, and bids reached as high as $1 million in the following weeks, though it appears he was unable to sell it.Shkreli's attorney told CNNMoney that they will "vigorously oppose the government motion."Shkreli is currently imprisoned in a Brooklyn jail and is scheduled to be sentenced on January 16, 2018, where he faces up to 20 years in prison.Advertisement
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