FBI officials arrested the notorious pharma executive Martin Shkreli Thursday on allegations of securities fraud, but they didn’t have the authority to seize the $2 million Wu-Tang Clan album purchased by the 32-year-old pharmaceutical entrepreneur.
Martin Shkreli, who achieved near global condemnation after increasing the price of Daraprim – used by many Aids patients – from $13.50 to $750 in September, was arrested by the FBI after he was accused of securities fraud on Thursday.
In May the 32-year-old had bought rap group Wu-Tang Clan’s album ‘Once Upon a Time in Shaolin’ for a reputed $2million, before his current notoriety.
Fans have never heard the one-of-a-kind album, but FBI officers confirmed they did not have the authority to seize the music.
“I wondered how long it was going to take to get to that,” US attorney Robert Capers told Time. “We’re not aware of where he got the funds that he raised to buy the Wu-Tang Clan album.”
The FBI later tweeted the album was not in the authority’s possession.
#Breaking no seizure warrant at the arrest of Martin Shkreli today, which means we didn't seize the Wu-Tang Clan album.
— FBI New York (@NewYorkFBI) December 17, 2015
After Shkreli’s business antics came to light, the Wu-Tang Clan distanced themselves from him – prompting a furious and foul-language filled rebuke from the businessman, even though he later admitted he had yet to listen to the album.
Shkreli has pleaded not guilty to securities fraud charges and was released on a $5m bail on Thursday.
Sportact Editors and Wire Services