NEW YORK (Hypebot) – The strange saga of the single copy Wu-Tang Clan album purchased by Martin Shkreli for $2 million got even stranger today, with the former hedge fund manager's morning arrest for securities fraud and the U.S Attorney demanding the forfeiture of “any property, real or personal.”
Earlier this month, Wu-Tang Clan sold the only copy of their newest album “Once Upon A Time in Shaolin” for $2 million to Martin Shkreli, the pharmaceutical industry executive who was arrested by federal agents this morning on securities fraud.
Since the Wu-Tang album is Shkreli’s exclusive property, and Brooklyn U.S. Attorney Robert Capers is seeking the forfeiture of “any property, real or personal” acquired with the proceeds of his alleged securities fraud, there’s now a possibility that the federal government could eventually take control of “Once Upon A Time in Shaolin” and perhaps put it up for a second auction.
If you recognize the name Martin Shkreli, it is likely due to the public outrage he sparked when his company acquired the rights to a life-saving prescription drug and drastically raised the price, noting that the new price was more in line with other high priced drugs.
Read the story from Bloomberg Business here.