The Saga Continues

Monday, December 21, 2015

Feds Could Seize Martin Shkreli's $2 Million Wu Tang Clan Album & Auction It Off

As previously reported, Martin Shkreli was recently arrested and charged by U.S. prosecutors with securities fraud conspiracy, securities fraud and wire fraud conspiracy. If convicted on all charges he could land in prison for 20 years.
After posting $5 million bond, Shkreli, stepped down as CEO of Turing Pharmaceuticals and as of today has been fired as CEO of KaloBios Pharmaceuticals.
He believes his arrest is linked to his decision to have Turing hike up the price of a 60-year-old drug called Daraprimto $750 a tablet from $13.50, overnight.
"Trying to find anything we could to stop him' was the attitude of the government," Shkreli told the Wall Street Journal.
TMZ reports that the funds generated from Shkreli's alleged fraudulent activities could be as much as $65 million. If it's determined that any of his possessions, including the $2 million Wu Tang Clan album, "Once Upon a Time in Shaolin," were purchased with that money, they could be subject to forfeiture by the government.
Even if certain items weren't bought with those funds, Shkreli may be forced to hand them over to pay restitution, which means expensive possessions like the Wu Tang Clan album could be auctioned off.
[via ThisIs50]

1 comment:

  1. so glad to see you keeping up the good work! Wu-Tang forever!