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.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.