In an effort to recover $7.3m in forfeitures from the convicted hedge fund manager and pharmaceutical ceo Martin Shkreli, federal prosecutors filed a motion in NY court on Friday (1 December) that says he should be forced to give up, among other valuable assets, a Picasso painting now in his possession.
Shkreli, infamous for hiking the price of a critical drug, Daraprim, was convicted August 4 in an unrelated trial of lying to investors in two hedge funds he used to run. A Brooklyn jury deliberated five days before finding Shkreli guilty on Friday on three of eight counts.
Shkreli's lawyer Ben Brafman said they will vigorously oppose the forfeiture motion.
Shkreli's interest in Daraprim maker Turing Pharmaceuticals should also be forfeited, as should the $5 million put up as bond in an E-Trade brokerage account, according to the letter. "These funds were, in essence, the life blood that fueled the fraud scheme".
It had amassed bids of more than $1 million before Shkreli was remanded into custody in September for offering to pay his Facebook followers to grab Hillary Clinton's hair. Proceeds from sales of Wu-Tang Clan's one-of-a-kind LP, Once Upon a Time in Shaolin; Lil Wayne's long-delayed, unreleased album The Carter V; a Pablo Picasso painting and a World War II-era code-breaking "Enigma machine" should go toward satisfying his forfeiture money judgment, Brooklyn prosecutors wrote in court papers on Friday (per The Washington Post).
In his eBay listing, Shkreli said he has not "carefully listened to the album", and the work remains the subject of intrigue.
He's scheduled to be sentenced January 16.