Martin Shkreli Forced to Give up Wu-Tang Clan and Lil Wayne Albums after Fraud Conviction
After being convicted of fraud, Shkreli has been forced to forfeit $7.4 million in assets, including a one-off Wu-Tang album.
Martin Shkreli has been forced to hand over his one-off Wu-Tang Clan album and a possibly unreleased Lil Wayne album as part of his fraud conviction.
On March 9, he was convicted of securities fraud and sentenced to seven years in prison, with charges relating to two hedge funds that he ran, and his pharmaceutical company Retrophin.
As part of the sentence, Shkreli has been forced by the US federal court to forfeit USD $7.4 million, which includes his one-off Wu-Tang Clan album Once Upon a Time in Shaolin, Lil Wayne’s The Carter V and a Pablo Picasso Painting.
Shkreli bought Once Upon a Time in Shaolin in a 2015 auction for USD $2 million, and it is the only copy of the album ever made. Whoever owns the album can legally do what they want with it, except release it commercially. The prosecution were also seeking his WWII Enigma machine and his share of Turing Pharmaceuticals, the company he founded.
In 2016 he purchased Lil Wayne’s album Tha Carter V which is apparently set to be released later this year.
Shkreli is better known as ‘Pharma Bro’ and became the world’s largest headache when he upped the price for the antiparasitic drug Daraprim from USD $13.50 to $750. The drug was used as an antimalarial and for HIV related illnesses.
Despite the fraud convictions, in a recent interview with NME, Wu-Tang’s RZA said he “will always respect” Shkreli for “making history” and so “even with the negative things he’s done, for music there’s something positive there.”
Shkreli’s lawyer said that “forfeiture of any assets is not the appropriate remedy”, but the judge brushed off this statement and his assets were seized.
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