The one-of-a-kind Wu-Tang Clan album Once Upon a Time in Shaolin – previously owned by disgraced hedge fund manager Martin Shkreli and seized three years ago by federal prosecutors – ha…
and seized three years ago by federal prosecutors – has been sold by the feds to an anonymous bidder for a sum believed to be around $2.2 million.
Jacquelyn M. Kasulis, Acting United States Attorney for the Eastern District of New York, announced the sale of the unique recording yesterday, noting in a statement, “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,” she continued, “his payment of the forfeiture is now complete.”Shkreli was convicted in 2017 on two counts of securities fraud and one count of securities fraud conspiracy for orchestrating a series of schemes to defraud investors in his hedge funds and to manipulate the price and trading volume of stock in his biopharmaceutical company Retrophin. After his conviction, he was ordered to forfeit about $7.
Shkreli purchased the album – which came housed in a hand-carved nickel-silver box and was accompanied by a leather-bound manuscript containing lyrics and a certificate of authenticity – for a reported $2 million in 2015, the same year he made headlines and drew widespread condemnation for hiking up the price of a malaria drug from $13.50 to $750 per pill. Shkreli unsuccessfully attempted to auction off the album shortly after his conviction.
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