Welp: Martin Shkreli Might Lose His $2 Million Wu-Tang Album
Looks like karma is coming back around quicker than expected for Martin Shkreli. Shrkeli, the main who gained attention for increasing the price on an AIDS drug rumored to enhance the quality of life by 5,000 percent and then went on to purchase the Wu-Tang Clan album, Once Upon A Time In Shaolin, for $2 million, could lose it all just as quick as he got it.
TMZ reports that the Shkreli is facing some serious jail time concerning security fraud charges. And in light of those allegations, it may be proved that he obtained the rights to the Wu-Tang album illegally. If it is determined that the money used to purchase said album was earned though fraudulent practices Shkreli will be ordered to pay restitution and as a result, loses all rights to the album’s ownership.
The repossession of the album may only be a minor set back in the charges he’s facing if found guilty, however. He’s facing $65 million charges for using his former company’s funds to relieve his own debt from personal hedge funds.
As more details in regards to the security case unravel, there may be another problem surrounding the album’s ownership. According to the U.S. Marshall’s office, when Wu-Tang sold the album, it was contracted as non-transferable for the next 88 years. There’s a question of whether Shkreli purchasing the album was a stunt or revealing a true interest in hip hop. Whatever his motives may be, there’s also a question of whether the courts will honor the Wu-tang’s conditions or the law’s.