Pharma bro Martin Shkreli will have to forfeit $7.6 million, including his copy of the Wu-Tang Clan album Once Upon A Time in Shaolin as a result.
My heart bleeds borscht:
The disgraced pharmaceutical executive and hedge fund manager Martin Shkreli must forfeit $7.36 million in assets (PDF) to the federal government following his fraud conviction, a judge ruled Monday. The assets set for forfeiture (PDF) include the single copy of the Wu-Tang album Once Upon A Time in Shaolin that Shkreli reportedly bought for $2 million, as well as a painting by Pablo Picasso.
The forfeiture follows Shkreli’s conviction last October on three of eight counts of securities and wire fraud. The federal government had indicted Shkreli in December of 2015 for running a Ponzi-like scheme, alleging he defrauded investors in two hedge funds he managed and siphoned millions from his pharmaceutical company, Retrophin, to cover losses.
Oh, the horror.
*For the snark impaired, if I do actually start a GoFundMe, it will be done ironically.