In 2017, Martin Shkreli, the former executive of Turing Pharmaceuticals, was convicted of securities fraud. Shkreli gained public attention for dramatically increasing the price of the drug Daraprim. However, the focal point of this story is what transpired after his conviction.
To cover Shkreli’s $7.4 million forfeiture, the Department of Justice seized assets from him, including the unique Wu-Tang Clan album “Once Upon a Time in Shaolin.” This album, the only copy in existence, is housed in a hand-crafted nickel-silver box with a leather-bound manuscript of lyrics and a certificate of authenticity. The album was intentionally created as a blend of art and music, making it a distinctive piece in the music industry.
A one-of-a-kind album by the Wu-Tang Clan, which Martin Shkreli paid $2 million for at auction, has been sold by the U.S. to cover the debt that the disgraced pharmaceutical executive owed the government. https://t.co/2Togwkqmuw
— The New York Times (@nytimes) July 27, 2021
Shkreli initially acquired the album for approximately $2 million in 2015, but it was confiscated by the DOJ in 2018. Recently, the album was sold to an undisclosed buyer, with the proceeds going towards Shkreli’s debts. The buyer’s identity and the sale amount remain confidential, but it is presumed that a substantial sum was paid for the rare album.
“Shkreli has been held accountable and paid the price for lying and stealing from investors to enrich himself,” stated Jacquelyn Kasulis, acting US attorney, in a recent press release.
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