U.S. prosecutors could take Shkreli's Wu Tang Clan album, Picasso

US


(Reuters) – Martin Shkreli, dubbed the “pharma bro” for exploits such as jacking up the price of a life-saving drug by 5,000 percent, should forfeit $7.4 million, including his Wu Tang Clan album and a Picasso painting, U.S. prosecutors said on Friday.

Former drug company executive Martin Shkreli exits U.S. District Court after being convicted of securities fraud, in the Brooklyn borough of New York City, U.S., August 4, 2017. REUTERS/Carlo Allegri

The court should hold Shkreli financially accountable for his criminal conduct by requiring him to forfeit the amounts above, according to filings.

Prosecutors listed out assets that they can possibly take from Shkreli, also including his stake in Turing Pharmaceuticals and an Enigma machine, which was used in World War II as a code breaker.

Shkreli had bragged about buying the only copy of New York-based Wu Tang Clan’s “Once Upon a Time in Shaolin,” drawing ire from music fans around the world when he said he had no plans to listen to it.

In August, a U.S. jury convicted Shkreli of defrauding investors in hedge funds he ran years before he gained fame for hiking the price of a drug. His sentencing is scheduled for next month.

A U.S. judge ordered Shkreli to be jailed in September after a Facebook post offering a $5,000 reward for a strand of Hillary Clinton’s hair.

Reporting by Ankur Banerjee in Bengaluru; Editing by Martina D’Couto

Our Standards:The Thomson Reuters Trust Principles.



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