MARTIN SHKRELI ORDERED TO FORFEIT $7 MILLION AND GIVE UP STAKE IN ONE-OF-A-KIND WU-TANG ALBUM

A federal judge ruled today that Martin Shkreli will have to forfeit $7.36 million to the federal government as part of his upcoming criminal sentence.

 

 

 

Shkreli was convicted last summer of conning investors in his hedge fund by misleading them about the financial performance of their money in those funds. Shkreli was also convicted of fraud in connection with the manipulation of stock shares in another company he founded, Retrophin.

 

 

 

CNBC (@cnbn) reports, Judge Kiyo Matsumoto said that in order to settle the $7.36 million forfeiture, Shkreli must forfeit his interest in a set of assets. Those assets include $5 million in cash in an E-Trade brokerage account, his stake in the drug company Vyera Pharmaceuticals, the million dollar one-of-a-kind Wu-Tang Clan album “Once Upon A Time In Shaolin”, the Lil’ Wayne Album “The Carter V”, and a painting by Pablo Picasso.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s