A federal judge ordered Martin Shkreli, who was convicted of fraud last year, to forfeit $7.4 million. This forfeiture includes a Picasso painting, his $5 million bail posting, and the one-of-a-kind Wu Tang Clan album, "Once Upon a Time in Shaolin." Don't worry, though -- after he pays the fine he'll still have $27.1 million.
From Click on Detroit:
Shkreli was convicted of fraud for deceiving investors and misusing their money while he was a portfolio manager at a hedge fund. He faces sentencing at Brooklyn Federal Court on Friday, and could potentially get up to 20 years in prison.
In his latest BIG newsletter, Matt Stoller (previously) relates the key moments in the history of private equity, from its roots in the notorious "leveraged buyouts" of the 1980s, and explains exactly how the PE con works: successful, productive business are acquired through debt financing, drained of their cash and assets, and then killed, leaving […]
Former Los Angeles County Sheriff Lee Baca, the corrupt law enforcement chief who was fond of giving himself awards, campaigning against marijuana legalization, encouraging prison rape, wrongfully imprisoning people, locking up nonviolent people who possessed drugs, and horribly mistreating inmates, lost his court appeal for obstructing justice and lying to federal authorities. He could spend […]
Two gentlemen sneaked into the backroom of the Monarch bar in San Francisco, CA and helped themselves to a bartender’s wallet containing $500 and a bottle of liquor. A security camera captured the action. This occurred Sunday night April 4th at WERD/Sunset After-Party. Somehow these guys gained entry into our employee area. You can watch […]
It seems like AI is everywhere these days, from the voice recognition software in our personal assistants to the ads that pop up seemingly at just the right time. But believe it or not, the field is still in its infancy. That means there’s no better time to get in on the ground floor. The […]
Whether you own or rent your place, insurance on that home is a necessary hassle – but a new tech-driven company called Lemonade is starting to show that while it might indeed be a necessity, it doesn’t have to be a hassle. Here’s the way insurance typically works: You pay premiums and hope an accident […]