Breaking

Jul 27, 2021 1 min, 20 secs
Proceeds from the Sale Will be Applied to Forfeiture Money Judgment Against Shkreli.

United States Sells Unique Wu-Tang Clan Album Forfeited by Convicted Hedge Fund Manager Martin Shkreli.

Earlier today, the United States sold the sole copy of the Wu-Tang Clan album “Once Upon a Time in Shaolin” (the “Album”) which had previously been ordered to be forfeited as a substitute asset in connection with the approximately $7.4 million forfeiture money judgment (Forfeiture Money Judgment) entered against Shkreli at his March 2018 sentencing.  Proceeds from the sale of the Album will be applied to satisfy the outstanding balance owed on the Forfeiture Money Judgment.  The contract of sale contains a confidentiality provision that protects information relating to the buyer and price.

Kasulis, Acting United States Attorney for the Eastern District of New York, announced the sale of the Album.

“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,” stated Acting U.S.

Matsumoto sentenced Shkreli to seven years’ imprisonment, to be followed by three years’ supervised release, and ordered him to pay the Forfeiture Money Judgment, approximately $388,000 in restitution and a $75,000 fine.  Judge Matsumoto also ordered Shkreli to forfeit the Album and other substitute assets to satisfy the Forfeiture Judgment. .

Karthik Srinivasan (now an Assistant United States Attorney in the Western District of Texas) were in charge of the prosecution of Shkreli, and defended his conviction and sentence on appeal

RECENT NEWS

SUBSCRIBE

Get monthly updates and free resources.

CONNECT WITH US

© Copyright 2024 365NEWSX - All RIGHTS RESERVED