Martin Shkreli’s week is continuing its steady decline following his abrupt arrest for securities fraud.
Now, the feds are saying the Wu-Tang Clan album he purchased for a whooping $2 million dollars may be up for grabs through an auction.
Martin Shkreli, the dude who jacked the price of the AIDS/cancer medicine from $13.50 to $750 a pop, could lose one of his most precious possessions — the $2 million, one-of-a-kind Wu-Tang Clan album.
As we reported, Shkreli was indicted for securities fraud … $65 million worth. Federal prosecutors and law enforcement sources tell us … Shkreli’s precious Wu-Tang album could be seized.
If prosecutors determine any of the $65 mil was used to purchase the album, they could immediately file a forfeiture action to seize it.
What’s more, even if dirty money wasn’t used to buy Wu-Tang’s work, if Shkreli gets convicted and the judge orders restitution, the U.S. Marshals could seize it.
A source in the U.S. Marshals Office tells us, it’s actually likely they would target the album, because it’s an expensive asset that could easily be auctioned off to pay the restitution judgment.
But here’s the rub … we’re told when Wu-Tang sold the album, it was non-transferable for 88 years. The question … will the Marshal honor Wu-Tang’s condition?
Hey, if it keeps passing through too many hands, it will leak onto the Internet. Ask any artist this century.
Also, Martin Shkreli may want to update his LinkedIn page. KaloBios Pharmaceuticals just gave him the boot in lieu of this scandal.