Sunday, November 28, 2021

Sales of Wu-Tang Clan album pay off Martin Shkreli’s court debt

by Larry Newmeister

NEW YORK (AP) — An unreleased Wu-Tang Clan album by Martin Shkreli was confiscated after his securities fraud conviction was sold Tuesday for an undisclosed sum, though prosecutors say it remains That was enough to fully satisfy the amount he owed on the $7.4 million forfeiture. He faced orders after his 2018 conviction.

The entrepreneur known as “Pharma Bro” once claimed that he paid $2 million at auction in 2015 for “Once Upon a Time in Shaolin”, the 31-track double album from the multiplatinum rap group. It took six years to build.

“With today’s sale of this unique album, their forfeiture payment is now complete,” Acting US Attorney Jacqueline M. Casulis in Brooklyn said in a release.

Officials said the sales contract for the album contained a confidentiality clause that protects buyer and price-related information.

In a civil case in Manhattan federal court, lawyers wrote in an April document that Shkreli had already reduced his forfeiture debt by about $5 million.

Shkreli’s attorney, Brian E. Murphy said he spoke to Shkreli late Tuesday and said he was “pleased with the sale price and RIP ODB,” a reference to Russell Tyrone Jones, best known as a founding member of Ol’ Dirty Bastard, . There was a nine-man clan who died of an accidental drug overdose in 2004.

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Shkreli, 38, is to be released in October 2022 after serving a seven-year prison sentence.

He was sued after he gained fame in 2015, when he increased the price of Daraprim by 5,000%, an inexpensive drug used to treat toxoplasmosis, a parasitic infection that can spread to people with the AIDS virus or other immune-system disorders. can be fatal.

Shkreli’s purchase of the Wu-Tang Clan album came after group member RZA stated that he wanted the album – packaged in a hand-crafted silver and nickel case containing a 174-page book wrapped in leather – to be called Contemporary. To be seen as a piece of art. .

Upon sentencing, Shkreli also claimed to own an unreleased Lil Wayne album, “Tha Carter V”.

In its first week in 2008, the rapper’s “Tha Carter III” sold over 1 million copies and helped propel Lil Wayne to superstar status.

In 2017, Shkreli was convicted of lying to investors and defrauding millions of dollars in two failed hedge funds operated by him. Brafman described Shkreli at his sentencing as a misunderstood freak, who used unorthodox means to make his defrauded investors even richer.

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