USA promote the distinctive Wu-Tang Clan album by & # 39; Pharma Bro & # 39; Shkrelili


© Reuters. FILE PHOTO: Martin Shkreli, former manager of a pharmaceutical company, leaves the U.S. District Court after being convicted of securities fraud in the Brooklyn neighborhood of New York City, the United States, on August 4, 2017. REUTERS / Carlo Allegri


From Jonathan stamp

NEW YORK (Reuters) – The US government said it sold the Wu-Tang Clan's incarcerated pharmaceutical company Martin Shkreli's one-of-a-kind album to pay for the $ 7.36 million he was sentenced to withhold for fraud.

In a letter to US District Judge Kiyo Matsumoto, who oversaw the 2017 trial of Shkreli in Brooklyn, prosecutors said the forfeiture amount was fully satisfied following the sale of the album "Once Upon a Time in Shaolin" and other property sales.

The purchase price and the buyer were not disclosed due to a confidentiality clause in the contract, announced the public prosecutor.

Shkreli, 38, paid $ 2 million for Wu-Tang Clan's only copy of Shaolin at a hip-hop group auction.

He later bragged about not planning to listen to the album and bought it to "keep it in front of the people".

Benjamin Brafman, a lawyer for Shkreli, said in an email that he was pleased that the recovery obligation had been met and that the album's retail price was "significantly higher" than Shkreli paid.

Shkreli, nicknamed "Pharma Bro" is widely vilified for raising the price of Daraprim, which treated a potentially fatal infection, by more than 4,000% overnight while running Turing Pharmaceuticals, now known as Phoenixus AG.

He has served more than half of a seven-year sentence for defrauding investors in two hedge funds and trying to prop up the stock price of another pharmaceutical company he runs, Retrophin (NASDAQ 🙂 Inc. Its release date is October 11th. 2022, show prison records.

Prosecutors said they also own two other Shkreli assets, a Phoenixus stake and a Pablo Picasso sting that could be used in a $ 2.6 million judgment against him in a separate Manhattan civil case.

Brianne Murphy, a Shkreli attorney on the Manhattan case, declined to comment.

In January, Matsumoto denied Shkreli's request for release from prison, denying claims that his deteriorating mental health justified a "compassionate" release.

Disclaimer: Fusion Media would like to remind you that the information contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges, but by market makers. Therefore, prices may not be accurate and may differ from the actual market price, meaning that prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading losses you may incur as a result of using this information.

Fusion Media or any other person involved in Fusion Media assumes no liability for any loss or damage that might arise from reliance on the information contained on this website, including data, prices, charts and buy / sell signals. Please inform yourself comprehensively about the risks and costs associated with trading in the financial markets, as it is one of the riskiest forms of investment.

Related Articles