Comments posted organically
Law selectors, pages, etc.
US Sells Unique Wu-Tang Clan Album Forfeited by Convicted Hedge Fund Manager Martin Shkreli

By Curt Anderson
July 27, 2021 9:39 pm
Category: Law
(0.0 from 0 votes)
SelectSmart.com    SelectSmart.com    SelectSmart.com


Share
Rules of the Post
Rate this article
(5=best, 0=poor)
5 Stars
4 Stars
3 Stars
2 Stars
1 Star
0 Stars

In 2015 Martin Shkreli paid $2 million for this one-of-a-kind Wu-Tang Clan album. At the time it was marketed as “both a work of art and an audio artifact.” The Album includes a hand-carved nickel-silver box as well as a leather-bound manuscript containing lyrics and a certificate of authenticity. The Album is subject to various restrictions, including those relating to the duplication of its sound recordings. In September 2017, just weeks after his conviction but before the district court-imposed forfeiture, Shkreli attempted to sell the Album through an on-line auction.

Defendant Forfeited His Interest in the Album, “Once Upon a Time in Shaolin,” Following Conviction for Engaging in Securities Fraud Schemes

Proceeds from the Sale Will be Applied to Forfeiture Money Judgment Against Shkreli


(U.S. Attorneys » Eastern District of New York » News) Earlier today, the United States sold the sole copy of the Wu-Tang Clan album “Once Upon a Time in Shaolin” (the “Album”) which had previously been ordered to be forfeited as a substitute asset in connection with the approximately $7.4 million forfeiture money judgment (Forfeiture Money Judgment) entered against Shkreli at his March 2018 sentencing. Proceeds from the sale of the Album will be applied to satisfy the outstanding balance owed on the Forfeiture Money Judgment. The contract of sale contains a confidentiality provision that protects information relating to the buyer and price.

Jacquelyn M. Kasulis, Acting United States Attorney for the Eastern District of New York, announced the sale of the Album.

“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, his payment of the forfeiture is now complete,” stated Acting U.S. Attorney Kasulis. Ms. Kasulis acknowledged the significant efforts of the U.S. Marshals Service and, in particular, the work of the U.S. Marshals Service’s Office of General Counsel and the Complex Asset Unit of the agency’s Asset Forfeiture Division, as well as assistance provided by the Department of Justice’s Civil Division, Commercial Litigation Branch.

Shkreli was the founder and managing member of hedge funds MSMB Capital Management LP and MSMB Healthcare Management LP and the former Chief Executive Officer of Retrophin Inc. (“Retrophin”), a publicly traded biopharmaceutical company. Following a six-week trial in federal court in Brooklyn, Shkreli was convicted in August 2017 of two counts of securities fraud and one count of securities fraud conspiracy for orchestrating a series of schemes to defraud investors in the hedge funds and to manipulate the price and trading volume of Retrophin’s stock. United States District Judge Kiyo A. Matsumoto sentenced Shkreli to seven years’ imprisonment, to be followed by three years’ supervised release, and ordered him to pay the Forfeiture Money Judgment, approximately $388,000 in restitution and a $75,000 fine. Judge Matsumoto also ordered Shkreli to forfeit the Album and other substitute assets to satisfy the Forfeiture Judgment.


Cited and related links:

  1. justice.gov
  2. cnn.com


The views and claims expressed by contributors are their own and do not necessarily reflect the views and beliefs of SelectSmart.com. Not every statement made here can be assumed to be a fact.
Comments:

Be the first to comment on this article.


* Anonymous comments are subject to approval before they appear. Cookies Consent Policy & Privacy Statement. All Rights Reserved. SelectSmart® is a registered trademark. | Contact SelectSmart.com | Advertise on SelectSmart.com | This site is for sale!

Find old posts & articles

Articles by category:
SelectSmart.com
Report spam & abuse
SelectSmart.com home page


From our contributors:
Display Order:
The danger of frost has passed. We just put in our tomatoes and pepper plants.
Flora by Curt_Anderson     May 20, 2022 3:05 pm (Rating: 0.0)
Last comment by georges (8 comments) [76 views]


Redoing the Second Amendment
Law by HatetheSwamp     May 25, 2022 9:39 am (Rating: 0.0)
Last comment by georges (3 comments) [43 views]


Senate fails to advance domestic terrorism bill over GOP opposition
Horror by Donna     May 26, 2022 10:30 pm (Rating: 0.0)
Last comment by islander (13 comments) [158 views]


Here is a cause that the Right to Life and Pro-choice crowds should agree on
Crime by Curt_Anderson     May 26, 2022 9:38 am (Rating: 0.0)
Last comment by islander (6 comments) [110 views]


I am promoting my friends' local fun run.
Recreation by Curt_Anderson     May 2, 2022 3:01 pm (Rating: 0.0)
Last comment by Curt_Anderson (3 comments) [130 views]


Arming teachers is a stupid idea that won't reduce the rate of kids killed by guns.
Weaponry by Curt_Anderson     May 27, 2022 11:15 am (Rating: 5.0)
Last comment by Curt_Anderson (4 comments) [79 views]


Editorial: Attack on Nancy Pelosi should be San Francisco archbishop’s final act here
Religion by HatetheSwamp     May 23, 2022 6:38 am (Rating: 4.0)
Last comment by HatetheSwamp (62 comments) [955 views]


pb was right. Same-sex marriage is killing marriage
Gay & Lesbian by HatetheSwamp     May 25, 2022 11:14 am (Rating: 0.0)
Last comment by Ponderer (19 comments) [145 views]


Uvalde killer was in the school for up to an hour. Police response slow and inadequate.
Crime by Curt_Anderson     May 26, 2022 10:30 am (Rating: 0.0)
Last comment by Donna (4 comments) [56 views]


Biden's public approval falls to 36%, lowest of his presidency -Reuters/Ipsos
Politics by HatetheSwamp     May 25, 2022 10:18 am (Rating: 0.0)
Last comment by georges (2 comments) [62 views]