The Guy Who Bought the Wu-Tang Clan Album for $2 Million Was Arrested for Fraud
Shkreli, who is the same guy that jacked up the price of an AIDS medication and bought the one-of-a-kindWu-Tang Clan album for $2 million, was arrested on fraud charges this morning.
He was reportedly charged with illegally taking stock from the biotechnology company Retrophin Inc. and using that money to pay off his own debts. Shkreli was later removed as CEO of the company because of his business dealings. The federal prosecutors are accusing Shkreli of running fake consulting arrangements and making secret payoffs after his hedge fund, MSMB Capital Management, lost millions of dollars.
When it was first announced that Shkreli was the man who purchased the Wu-Tang album, RZA said the group had no knowledge of his past shady business deals. Just yesterday, Shkreli said in an interview that he wanted to bail Shmurda out of jail, but that now seems highly unlikely.