Feds Set To Seize Control Of $2 Million Wu-Tang Clang Album As Buyer Arrested For Securities Fraud
The strange saga of the single copy Wu-Tang Clan album purchased by Martin Shkreli for $2 million got even stranger today, with the former hedge fund manager's morning arrest for securities fraud and the U.S Attorney demanding the forfeiture of “any property, real or personal.”
Earlier this month ,Wu-Tang Clan sold the only copy of their newest album “Once Upon A Time in Shaolin” for $2 million to Martin Shkreli, the pharmaceutical industry executive who was arrested by federal agents this morning on securities fraud.
Since the Wu-Tang album is Shkreli’s exclusive property, and Brooklyn U.S. Attorney Robert Capers is seeking the forfeiture of “any property, real or personal” acquired with the proceeds of his alleged securities fraud, there’s now a possibility that the federal government could eventually take control of “Once Upon A Time in Shaolin” and perhaps put it up for a second auction.
Read the story from Bloomberg Business here.