The US just sold 'Pharma Bro' Martin Shkreli's copy of the Wu-Tang Clan's 'Once Upon a Time in Shaolin' to an undisclosed buyer
- The DOJ on Tuesday announced it sold the only copy of
Wu-Tang Clan's "Once Upon a Time in Shaolin."
- The US government obtained the album when a judge ordered "Pharma Bro"
Martin Shkrelito forfeit it as part of his conviction for securities fraud.
- The buyer of the album and how much it sold for were not released due to a "confidentiality provision."
There is only one copy of the 2015 album in existence, which was recorded over a six-year period beginning in 2000, according to a previous Insider report. Shkreli purchased the album in 2015 for $2 million.
A federal judge in 2018 ordered Shkreli to turn the album over to the federal government as part of the $7.4 million forfeiture money judgment. The proceeds from the album's sale go to the government to satisfy the outstanding balance owed by Shkreli, the Justice Department said.
The buyer of the record and the price the buyer paid for the album were not made public because of a confidentiality provision in the sale, according to the Justice Department.
"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," Acting US Attorney Kasulis said.
Shkreli is currently serving a seven-year prison sentence after he was convicted of securities fraud in August 2017 during his time running a hedge fund.
He is most famous for his actions as the chief executive of Turing Pharmaceuticals when he raised the price of Daraprim - an antiparasitic drug - by 5,000%.
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