CBS Local — Former pharmaceutical executive Martin Shkreli once taunted music lovers around the world about having the only copy of a special Wu-Tang Clan album. The infamous “Pharma bro” is now the butt of his own joke after a federal judge ordered the record be seized as part of $7.36 million in forfeited assets.
Shkreli has been in jail since September 2017 while he awaits sentencing in a securities fraud case. The 34-year-old was convicted of cheating several investors in two failed hedge funds he managed. U.S. District Judge Kiyo Matsumoto ordered the record be taken, along with Shkreli’s $5 million E-Trade account, stake in a pharmaceutical company, and a painting by Pablo Picasso.
In 2015, the jailed executive was revealed to be the buyer of the Wu-Tang Clan’s only copy of “Once Upon a Time in Shaolin,” which he reportedly purchased for $2 million.
“I really became convinced that I should be the buyer,” Shkreli told CBS News after explaining he wanted the record so he could use it to meet celebrities. Since buying the rap group’s album, the “Pharma bro” has repeatedly taunted social media users by releasing portions of the exclusive music online.
While Shkreli’s hedge fund dealings got him arrested, he was dubbed “the most hated man in America” for hiking the price of the AIDS drug Daraprim from $13.50 to $750 per pill after acquiring Turing Pharmaceuticals. The vilified CEO drew worldwide scorn for the price-gouging scandal before resigning from the company over his securities fraud arrest.
Now with no record and no company to return to, Shkreli faces up to 20 years in prison. “It was wrong. I was a fool. I should have known better,” Shkreli wrote in a letter to Judge Matsumoto, obtained by Business Insider. The 34-year-old also requested a sentence of 12 to 18 months for his actions.