Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Wu-Tang Clan album sale pays off Martin Shkreli's court debt
Source: Associated Press
Wu-Tang Clan album sale pays off Martin Shkreli’s court debt
By LARRY NEUMEISTER
July 27, 2021
NEW YORK (AP) — An unreleased Wu-Tang Clan album forfeited by Martin Shkreli after his securities fraud conviction was sold Tuesday for an undisclosed sum, though prosecutors say it was enough to fully satisfy the rest of what he owed on a $7.4 million forfeiture order he faced after his 2018 sentencing.
The entrepreneur known as “Pharma Bro” once boasted that he paid $2 million in 2015 at auction for “Once Upon a Time in Shaolin,” the 31-track double album the Wu-Tang Clan spent six years creating.
“With today’s sale of this one-of-a-kind album, his payment of the forfeiture is now complete,” Acting U.S. Attorney Jacquelyn M. Kasulis in Brooklyn said in a release.
Authorities said the sales contract for the album contained a confidentiality provision that protects information relating to the buyer and price.
In a civil case in Manhattan federal court, lawyers wrote in an April document that Shkreli had already reduced his forfeiture debt by about $5 million.
-snip-
By LARRY NEUMEISTER
July 27, 2021
NEW YORK (AP) — An unreleased Wu-Tang Clan album forfeited by Martin Shkreli after his securities fraud conviction was sold Tuesday for an undisclosed sum, though prosecutors say it was enough to fully satisfy the rest of what he owed on a $7.4 million forfeiture order he faced after his 2018 sentencing.
The entrepreneur known as “Pharma Bro” once boasted that he paid $2 million in 2015 at auction for “Once Upon a Time in Shaolin,” the 31-track double album the Wu-Tang Clan spent six years creating.
“With today’s sale of this one-of-a-kind album, his payment of the forfeiture is now complete,” Acting U.S. Attorney Jacquelyn M. Kasulis in Brooklyn said in a release.
Authorities said the sales contract for the album contained a confidentiality provision that protects information relating to the buyer and price.
In a civil case in Manhattan federal court, lawyers wrote in an April document that Shkreli had already reduced his forfeiture debt by about $5 million.
-snip-
Read more: https://apnews.com/article/entertainment-music-health-arts-and-entertainment-hip-hop-and-rap-27c6db9de6efbc845418658a36386379