Feds Could Seize Wu-Tang Album In Martin Shkreli’s Arrest
Since news broke this week that pharmaceuticals CEO Martin Shkreli had been arrested on securities fraud charges, the Internet has been going crazy over the fate of the Wu-Tang album, Once Upon a Time in Shaolin.
The 32-year-old paid $2 million in a private auction for the coveted single-copy album... and Wu fans have been dreaming of the day he may release it. However, with Shkreli's legal troubles, the fate of the album is in question.
If found guilty, the Wu-Tang album would likely be seized by the Asset Forfeiture Unit of the U.S. Marshals Service -- unless, he's destroyed or hidden it.
Via terms of the album's purchase, Shkreli is free to do what he wishes with the album, outside of profiting from it. He could give away free copies, though.
He's accused of using assets from a pharmaceutical company he purchased to satisfy the debts of two hedge funds he also runs. Essentially, running a Ponzi scheme.
Because of this, unless Shkreli can prove that the $2 million he spent on the Wu-Tang album is not connected to the funds named in his indictment, it could be seized.
Authorities have not seized it, as of press time. "We're not aware of where he got the funds that he raised to buy the Wu-Tang Clan album," U.S. attorney Robert Capers told TIME.