Wu-Tang Clan Album Owner Martin Shkreli Arrested By Federal Agents
Less than 24 hours after an interview with Martin Shkreli mentioned the pharmaceutical mogul apparently threatening Wu-Tang Clan member RZA, the 32 year-old is incarcerated. This morning (December 17), the Brooklyn, New York native Shkreli was arrested by federal agents for charges of securities fraud.
This arrest comes in a two-week period where the CEO of Turing Pharmaceuticals AG purchased the sole copy of Wu-Tang Clan’s seventh studio album, Once Upon A Time In Shaolin. After purchasing the specially-released album at auction for a self-reported $2 million, Shkreli was criticized by Wu’s abbot, the RZA, for his character and business practices, which include raising the price of a life-saving pill for AIDS patients from $13.50 to $750. In the aforementioned HipHopDX interview, published yesterday (December 16), Shkreli was quoted as saying, “I bought the most expensive album in the history of mankind and fucking RZA is talking shit behind my back and online in plain sight. I’m just getting pissed off. That’s not the way I do business. If I hand you $2 million, fucking show me some respect. At least have the decency to say nothing or ‘no comment.’” In the same interview, Martin warned RZA of his misgivings surrounding the album sale. “I’d encourage [RZA] to shut the fuck up before he goes a little too far,” said the multi-millionaire. “We’ll see what happens.”
However, the securities fraud charges have nothing to do with Martin’s lavish spending on music memorabilia. Rather, the infractions allegedly stem from a 2011 firm Shkreli launched, Retrophin, Inc. In his position, the 32 year-old is believed to have illegally taken stock, and used it to pay off debts outside of the company. Those debts are believed to be related to his defunct hedge fund, MSMB Capital Management. According to Bloomberg, since building the biotechnology firm Retrophin, the executive was terminated from his post as CEO, and sued by the board of directors.
Additionally, Martin Shkreli is accused of being involved with creating falsified consulting agreements, and “secret payoffs.” He was taken in handcuffs this morning at a Midtown Manhattan residence by federal agents and NYPD authorities.
Since the September price increases of drug Daraprim, Shkreli has been condemned by United States Presidential candidates Donald Trump and Hillary Clinton. Another candidate, Bernie Saunders, rejected a four-figure donation from Martin.
RZA has yet to speak publicly surrounding Martin Shkreli’s morning arrest.