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Martin Shkreli and Wu-Tang Clan rapper Ghostface Killah.
Joe Marino | Chelsea Lauren | Getty Images
A one-of-a-kind album by hip-hop group Wu-Tang Clan who once belonged to famed “Pharma Bro” Martin Shkreli was finally sold by the US government, four years after Shkreli was ordered to relinquish the record. in connection with his conviction for securities fraud.
The buyer and selling price of the album, “Once Upon a Time in Shaolin,” was not disclosed Tuesday by prosecutors, who cited a confidentiality clause in the contract.
Shkreli, who is serving a seven-year prison sentence for his August 2017 criminal conviction in Brooklyn, New York, federal court, had been ordered to turn over the single album to satisfy at least a fraction of a judgment of confiscation of approximately $ 7.4 million.
“The proceeds from the sale of the album will be used to meet the balance owed on the money forfeiture judgment,” the Brooklyn US attorney’s office said in a press release revealing the same Tuesday.
Shkreli, 38, bought the Wu-Tang Clan album at auction for $ 2 million in 2015 – giving him the only copy of the record and giving the New York resident full control over whether anyone other could listen to the music on it.
Martin Shkreli is releasing a rare Wu-Tang Clan album for sale.
Source: Ebay
The publicity stunt for a purchase came the same year he won the widespread infamy of his pharmaceutical company by raising the price of the antiparasitic drug Daraprim, which is used to treat HIV-positive patients and newborns, by more than 5,000%.
Two years later, in the weeks following the end of his trial, Shkreli attempted to sell Once Upon a Time in Shaolin at an online auction.
The United States sold the only copy of the Wu-Tang Clan’s album “Once Upon a Time in Shaolin” (the “Album”) previously owned by Martin Shkreli.
Source: DOJ
Brooklyn Acting U.S. Attorney Jacquelyn Kasulis led the team of prosecutors in Shkreli’s trial in 2017.
“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 get rich. With today’s sale of this unique album, her forfeiture payment is now over, ”Kasulis said on Tuesday.
Shkreli’s lawsuit had nothing to do with the price hike for Daraprim, which occurred while he was running a pharmaceutical company known at the time as Turing Pharmaceuticals.
Instead, the criminal case revolved around allegations that he defrauded investors in two hedge funds he previously ran and used their money to set up his first pharmaceutical company, Retrophin.
Shkreli was later ousted from publicly traded company Retrophin and was found guilty on multiple counts at trial.
Retrophin last year changed its name to Travere Therapeutics.
This is last minute news. Please check for updates.
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