Martin Shkreli Ordered To Forfeit Lil Wayne & Wu-Tang Clan Albums

BYAron A.Updated on September 26, 202210.5K Views

Former pharmaceutical executive Martin Shkreli pauses while speaking to the press after the jury issued a verdict in his case at the U.S. District Court for the Eastern District of New York, August 4, 2017 in the Brooklyn borough of New York City. Shkreli was found guilty on three of the eight counts involving securities fraud and conspiracy to commit securities and wire fraud.

Martin Shkreli has been ordered to hand over $7.3M in assets.

Martin Shkreli has been making headlines over the past few years for upsetting the majority of people. Some of those people include Wu-Tang Clan, Lil Wayne and their respective fan base. Shkreli, for some reason, had both the rare Wu-Tang album that cost $2M as well as Lil Wayne's controversial Carter V album that he says he found in a Bugatti he bought. As part of his criminal sentence, Mr. Pharmabro himself has been ordered to hand over both albums to the federal government.

Shkreli's been ordered to hand over $7.3M in assets to the federal government as part of his criminal sentence, CNBC reports. Judge Jiyo Matsumoto said that he has to forfeit his interest from "substitute" assets. Included in these assets are both Lil Wayne's Carter V as well as Wu-Tang Clan's Once Upon A Time In Shaolin. Other assets include $5M in cash from an E-Trade brokerage account that he used for his release bond and his stake in Vyera Pharmaceuticals, a company previously known as Turing Pharmaceutical, which he started in 2015.

The seizure of his assets will then be applied to the rest of the amount he has to pay the government after "the resolution of any third-party claims to the assets," the judge said this morning in court.

Shkreli's official sentencing for fraud charges will happen this Friday in Brooklyn, NY. He was convicted last summer for misleading the finances in two hedge funds he ran to their group of investors as well as manipulating stock shares in drug company, Retrophin.

About The Author

Aron A.

Aron A. is a features editor for HotNewHipHop. Beginning his tenure at HotNewHipHop in July 2017, he has comprehensively documented the biggest stories in the culture over the past few years. Throughout his time, Aron’s helped introduce a number of buzzing up-and-coming artists to our audience, identifying regional trends and highlighting hip-hop from across the globe. As a Canadian-based music journalist, he has also made a concerted effort to put spotlights on artists hailing from North of the border as part of Rise & Grind, the weekly interview series that he created and launched in 2021. Aron also broke a number of stories through his extensive interviews with beloved figures in the culture. These include industry vets (Quality Control co-founder Kevin "Coach K" Lee, Wayno Clark), definitive producers (DJ Paul, Hit-Boy, Zaytoven), cultural disruptors (Soulja Boy), lyrical heavyweights (Pusha T, Styles P, Danny Brown), cultural pioneers (Dapper Dan, Big Daddy Kane), and the next generation of stars (Lil Durk, Latto, Fivio Foreign, Denzel Curry). Aron also penned cover stories with the likes of Rick Ross, Central Cee, Moneybagg Yo, Vince Staples, and Bobby Shmurda.