Pharma Bro Martin Shkreli, spending time in prison, must relinquish Picasso, Wu-Tang Clan rare album, Lil Wayne unreleased project and Nazi code breaking machine
Parma Bro, Martin Shkreli, 34, was sentenced to prison.
The former hedge-fund manager and pharmaceutical business investor was convicted of securities fraud.
U.S. District Judge Kiyo Matsumoto sentenced him to seven years in prison for “defrauding investors in two failed hedge funds.”
Shkreli reportedly cried during his sentencing.
“I want the people who came here today to support me to understand one thing, the only person to blame for me being here today is me. I took down Martin Shkreli,” he told the judge, according to the Chicago Tribune.
Shkreli’s sentencing came after he was ordered to relinquish a rare Wu-Tang Clan album “Once Upon A Time In Shaolin”, Lil Wayne’s unreleased project, Tha Carter V. , $5 million in cash in his E-Trade brokerage account, sell his stake in Vyera Pharmaceuticals, and a painting by Pablo Picasso to help pay off a $7.36 million forfeiture for securities fraud.
The album Once Upon a Time in Shaolin by Wu-Tang Clan, is the only one in existence. Shkreli purchased it for $2m in 2015,
He also has a Nazi Enigma code-breaking machine from World War II which may be sold by the Feds.
Assets forfeited by a convicted criminal are transferred to the U.S. Marshals Service (USMS), an agency within the Justice Department.
The USMS may use an auction house to sell the Picasso, the rare albums and etc.
Neither the title of the Picasso nor its estimated value were specified in court filings in December by the DOJ.
Shkreli made headlines and garnered national attention for, as CEO of Turing Pharmaceuticals, raising the price of HIV/AIDS drug Daraprim from $13.50 a pill to $750. Shkreli is a native of Brooklyn.
Shkreli has been the subject of memes for raising the price on potentially life saving drugs.
