Sunday, April 14, 2024

$2 Mil Wu Tang Album Sold by US Government at Auction, Proceeds Applied to Pharma Dude’s $7.4 Mil Debt

Share

Someone, somewhere bought the Wu Tang Clan’s famous one copy album at auction today from the US Government.

The album, called “Once Upon a Time in Shaolin,” was bought for $2 million in 2015 by the guy who jacked up pharma prices, Martin Shkreli. He quickly became the Most Hated Man in America. The government looked into him. He was convicted of fraud and went to jail.

Shkreli forfeited $7.4 million from his schemes. Now proceeds from the sale of “Shaolin” will go toward his debt. The Department of Justice won’t say who bought the album, how much they paid, or who they were. But you have to think they got at least $2 mil.

“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,” stated Acting U.S. Attorney Jacquelyn M. Kasulis.

Following a six-week trial in federal court in Brooklyn, Shkreli was convicted in August 2017 of two counts of securities fraud and one count of securities fraud conspiracy for orchestrating a series of schemes to defraud investors in the hedge funds and to manipulate the price and trading volume of Retrophin’s stock. United States District Judge Kiyo A. Matsumoto sentenced Shkreli to seven years’ imprisonment, to be followed by three years’ supervised release.

 

Roger Friedman
Roger Friedmanhttps://www.showbiz411.com
Roger Friedman began his Showbiz411 column in April 2009 after 10 years with Fox News, where he created the Fox411 column. His movie reviews are carried by Rotten Tomatoes, and he is a member of both the movie and TV branches of the Critics Choice Awards. His articles have appeared in dozens of publications over the years including New York Magazine, where he wrote the Intelligencer column in the mid 90s and covered the OJ Simpson trial, and Fox News (when it wasn't so crazy) where he covered Michael Jackson. He is also the writer and co-producer of "Only the Strong Survive," a selection of the Cannes, Sundance, and Telluride Film festivals, directed by DA Pennebaker and Chris Hegedus.
spot_img

Read more

In Other News