Friday, 15 December, 2017

Prosecutors seek to seize assets of 'Pharma Bro' Shkreli

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Edmund Wade | 02 December, 2017, 00:39

He's either getting hit in the face with dog shit, getting threatened with lawsuits by Lil Wayne, or having to deal with the feds, who are now looking to seize the rare Wu-Tang Clan and Lil Wayne albums he has in his possession.

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, USA prosecutors said on Friday.

Along with the Wu-Tang Clan album, they say he should give up $5 million in cash in a brokerage account, a Picasso painting and other valuables. A Brooklyn jury deliberated five days before finding Shkreli guilty on Friday on three of eight counts.

Federal prosecutors say "Pharma Bro" Martin Shkreli owes the U.S. government almost $7.4 million in forfeitures and authorities Friday filed a motion with U.S. District Judge Kiyo Matsumoto of the Eastern District of NY pointing to some of Shkreli's personal assets that could help make up the difference.

Shkreli's lawyer said on Friday that his client would fight the government's demand.

Because of weird threats against Hillary Clinton, posted to Facebook after his conviction, Shkreli has been awaiting his sentencing date in the custody of Brooklyn's Metropolitan Detention Center.

Shkreli's attorney, Ben Brafman, tells TMZ, "Our position is clear. Accordingly, forfeiture of any assets is not an appropriate remedy".

Martin Shkreli, CEO of Turing Pharmaceutical, being arrested on securities fraud allegations. "These funds were, in essence, the life blood that fueled the fraud scheme". Shkreli later apologized and said he was joking.

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