Wu-Tang Clan Album Forfeited By Martin Shkreli Sold By US Justice Department

The U.S. Department of Justice has sold the only copy of the Wu-Tang Clan album “Once Upon a Time in Shaolin” that was forfeited by convicted hedge fund manager Martin Shkreli.

What Happened: Shkreli, the founder and managing member of the hedge funds MSMB Capital Management LP and MSMB Healthcare Management LP and the former CEO of the publicly-traded pharmaceutical company Retrophin Inc. — now called Travere Therapeutics Inc TVTX — purchased the album in 2015 for $2 million.

The album included a hand-carved nickel-silver box, a leather-bound manuscript containing lyrics and a certificate of authenticity. Its sale also involved restrictions on duplicating its contents.

Shkreli was convicted in August 2017 of two counts of securities fraud and one count of securities fraud conspiracy for orchestrating schemes to defraud his hedge funds’ investors and to manipulate the price and trading volume of Retrophin’s stock. He was sentenced to seven years in prison followed by three years of supervised release and a $75,000 fine and a $388,000 restitution payment.

Related Link: Anthony Hopkins Film 'Zero Contact' To Premiere As NFT

What Else Happened: “Once Upon a Time in Shaolin” is a two-CD recording made over a six-year period. Shkreli stated he would make portions of the album available online if Donald Trump won the 2016 presidential election. Shkreli later claimed he was joking because he couldn’t imagine Trump winning, but kept his word and played some of its contents as background music in a YouTube video talking about his conviction.

After his conviction, Shkreli attempted to sell the album on eBay EBAY for $1 million, but the online auction was canceled when he was sentenced to prison.

The album’s buyer and sale price were not publicly disclosed.

“With today’s sale of this one-of-a-kind album, his payment of the forfeiture is now complete,” said Jacquelyn M. Kasulis, Acting United States Attorney for the Eastern District of New York.

Photo: Wu-Tang Clan in a 2015 performance. Photo by Derzsi Elekes Andor / Wikimedia Commons.