Get your FOIAs ready
The Feds are coming for all that unreleased music that Pharma Bro Martin Shkreli compiled during his brief run as the most hated man on the internet. According to The Source Brooklyn prosecutors are asking authorities to seize over $7 million in cash and assets from the disgraced businessman, including his one-of-a-kind copy of the Wu-Tang Clan’s Once Upon A Time In Shaolin, his copy of Tha Carter V, an Enigma machine, and a painting by Picasso.
The prosecutors claim that the assets are all part of the case against him for securities fraud and should be seized. Ultimately, they claim that the assets were gained as part of the elaborate Ponzi scheme Shkreli was running.
Since Shkreli has been convicted on the charges of running a Ponzi scheme, they believe the ill-gotten goods should be forfeited.
Prosecutors are asking for a $7.36 million forfeiture from Shkreli as part of his conviction. In a letter to United States District Judge Kiyo Matsumoto, prosecutors say the number “represents a conservative computation of the proceeds Shkreli personally obtained as a result of his three different securities fraud crimes of conviction.”
In addition to the albums and artwork, they are also demanding Shkreli’s shares of Turing Pharmaceuticals and an E-trade account worth $5 million.
Shkreli’s lawyers say “not so fast” to all that. They countered that the goods and money were not obtained as the result of defrauding anyone and therefore aren’t to be seized.
“Our position is clear,” Shkreli’s attorney Ben Brafman said in a statement obtained by The Source. “None of the investors lost any money and Martin did not personally benefit from any of the counts of conviction. Accordingly, forfeiture of any assets is not an appropriate remedy.”
It remains to be seen where the law will side with regards to Shkreli’s most-famous purchase. As for what will happen to Shkreli himself, that will all shake out at his sentencing hearing on Jan. 16.
Shkreli’s possession of both Shaolin and Carter V has been contentious from the start. When word got around that Shkreli was the big-money purchaser behind the Wu-Tang album, fans were furious. The stink around the album got so bad that RZA himself said he was looking into a way to get the album back from the Internet super-villain.
Things deteriorated so much that Shkreli even got into a back and forth with Ghostface over the internet. But he clearly didn’t learn his lesson about pissing rappers off.
He leaked three tracks from Tha Carter V which earned him a warning from Weezy’s camp that if he did it again, he’d be facing a lawsuit. Now, the government might get its hands on his albums, which means we might all get to hear them if we can file our Freedom of Information Act forms in time.
I don’t know though, maybe the ultra-exclusive album idea isn’t such a good one. They keep falling into the hands of this guy!
What do you think? Should Shkreli be forced to give up these two ultra-rare albums? Do his lawyers have a leg to stand on? Would you want to hear the new Wu-Tang if it was shared widely via the feds? Sound off in the comments and be sure to SHARE this article.