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 […]
Two-thirds of American adults drink coffee every day. On average, they’re each drinking about three cups per day, which works out to nearly 400 million cups downed each and every day. We don’t have stats on what percentage of those cups are God awfully bad, but you have to assume with so many ways to […]
For those with a writing flair, the thought of building a career as a professional copywriter should probably have some appeal. Thankfully, it’s also an in-demand job skill with the average copywriter making a healthy $60,000 a year for their efforts. But even if you have a way with words, you still need the industry […]
While we all love our iPhones and iPads, celebrating the releases of their latest and greatest versions, it’s amusing to consider how much we at the same time HATE the main item that keeps these little tech marvels powered up and working. No, Lightning cables don’t exactly inspire feelings of awe and wonder. It’s more […]