US Sells Sole Copy of Wu-Tang Clan Album Forfeited by 'Pharma Bro' Martin Shkreli
© AP Photo / Richard DrewFormer pharmaceutical CEO Martin Shkreli speaks during an interview by Maria Bartiromo during her "Mornings with Maria Bartiromo" program on the Fox Business Network, in New York, Tuesday, Aug. 15, 2017.
© AP Photo / Richard Drew
Martin Shkreli, also known as "Pharma Bro," is serving a seven-year sentence behind bars in connection to a 2017 conviction on two counts of securities fraud and one count of securities fraud conspiracy. Prior to Shkreli's sentencing, the court allowed the federal government to seize a number of assets, including a rare album by the Wu-Tang Clan.
Jacquelyn M. Kasulis, acting US attorney for the Eastern District of New York, announced on Tuesday that the federal government successfully sold off the sole physical copy of "Once Upon a Time in Shaolin," a 2015 album released by the Wu-Tang Clan.
"Through the diligent and persistent efforts of this Office and its law enforcement partners, Shkreli has been held accountable and paid the price for lying and stealing from investors to enrich himself. With today’s sale of this one-of-a-kind album, his payment of the forfeiture is now complete," Kasulis said in a quoted statement.
The US government did not disclose the buyer, nor the final sale price.
However, $7.4 million in total funds were acquired from the Forfeiture Money Judgment linked to Shkreli.
Shkreli, the former hedge-fund manager who purchased the album in 2016 for $2 million, was publicly nicknamed "Pharma Bro" after he notoriously hiked the price of Daraprim, an anti-parasite drug commonly used, in combination with the antibiotic sulfadiazine, to treat pregnant women and individuals fighting HIV/AIDS-related complications.
While the Wu-Tang Clan has promised to conduct a "conventional album release" of their rare work in 2103, pieces of the 31-track album can be found on YouTube and across the net.