The rapper Killa Sin didn't think he was contributing verses to a Wu-Tang Clan record a few years ago when he stood before a microphone in a hotel room in Staten Island, N.Y. A Moroccan producer known as Cilvaringz had flown in for the sessions because Killa Sin, whose real name is Jeryl Grant, was barred from travel by the terms of his parole.Like any good clan, Wu-Tang is a network that extends from core members to bit players; it can be hard for outsiders to say with complete confidence who's in or out at any time. Killa Sin is a gifted lyricist with a different crew, Killarmy, which is part of the Wu-Tang's extended "family," but as he understood it, the work he was doing with Cilvaringz wasn't an official Wu-Tang project."The way he presented it," Killa Sin says of his recording with Cilvaringz, "was it was going to be basically his album, and he wanted me to do some work for him." He later learned his verses ended up on the Wu-Tang Clan's "Once Upon a Time in Shaolin," the most … [Read more...] about Did Martin Shkreli pay $2 million for a fake Wu-Tang Clan album?
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U.S. Martin Shkreli Securities Wu-Tang Clan ‘Pharma Bro’ Martin Shkreli, who is currently awaiting sentencing for securities fraud, has been ordered to forfeit $7.3m in assets—including a one-of-a-kind Wu-Tang Clan album he famously bought for $2 million. In the order issued by U.S. District Judge Kiyo Matsumoto, Shkreli will have to give up his stake in Wu-Tang’s "Once Upon a Time in Shaolin" along with $5 million in cash from a brokerage account. If that wasn’t enough, Shkreli will have to give up "Tha Carter V" by Lil Wayne, another unreleased recording he claimed to own, the Associated Press reported. Shkreli will have a chance to appeal before handing over all the assets, which also include a Picasso painting and his stake in Vyera Pharmaceuticals. Keep up with this story and more by subscribing now The 34-year-old, who became notorious for his irreverent persona and dismissal of public outrage, was found guilty of … [Read more...] about As part of a $7.3m forfeiture, Martin Shkreli has been ordered to hand over his prized Wu-Tang Clan album
By Bloomberg | PUBLISHED: March 5, 2018 at 2:22 pm | UPDATED: March 5, 2018 at 3:38 pm (Bloomberg) — Martin Shkreli must turn over almost $7.4 million to the U.S., a judge ruled in a win for prosecutors who say the hedge-fund manager turned pharmaceutical executive cheated his investors. Shkreli had argued that he shouldn’t have to forfeit anything — or just over $500,000 at the most — because he didn’t profit from the crimes. Money from his investors went into the stock market, and he didn’t get anything from a plan to control Retrophin shares, his lawyers have said. Investors ultimately got their money back, and more, through settlements and consulting agreements, Shkreli said. He also wanted to pay other creditors, including his lawyers, before forfeiting any money — a notion rejected Monday by U.S. District Judge Kiyo Matsumoto in Brooklyn, New York. Shkreli’s assets — a Picasso, $5 million in cash in a personal trading … [Read more...] about Welp, there goes his prized Wu-Tang Clan album
Prepare to kiss that one-of-a-kind Wu-Tang Clan album goodbye, bro. A federal court judge in Brooklyn on Monday ordered the forfeiture of some $7.36 million in Martin Shkreli's assets, including the unique “Once Upon a Time in Shaolin” album that the fallen pharmaceutical executive bought for $2 million before he was convicted of securities fraud. Shkreli, who was nicknamed “Pharma Bro” after he infamously tried to jack-up the price of a life-saving AIDS drug by 5,000 percent, could also lose another rare record, “Tha Carter V” album by rapper Lil Wayne, and a Picasso painting, under Judge Kiyo Matsumoto's order. Shkreli faces the loss of $5 million in cash and his stake in the Vyera Pharmaceuticals drug company when he is sentenced on Friday, the judge said. Matsumoto, however, has stayed the execution of her order while Shkreli’s expected appeal of his conviction goes ahead. There was no immediate comment to Matsumoto's order from … [Read more...] about ‘Pharma Bro’ Martin Shkreli could lose one-of-a-kind Wu-Tang Clan album, $7.36M
Visit The Boston Globe Share on Twitter Share on Facebook Comment on this Scroll to top of page AP March 05, 2018 NEW YORK (AP) — ‘‘Pharma Bro’’ Martin Shkreli will have to forfeit more than $7.3 million in assets that include his one-of-a-kind Wu-Tang Clan album as part of his punishment in his securities fraud case, a judge ruled Monday.U.S. District Judge Kiyo Matsumoto issued the order against the jailed Shkreli four days before he is to face sentencing for his conviction last year on charges he cheated wealthy investors in two failed hedge funds he was managing.Along with the Wu-Tang Clan ‘‘Once Upon a Time in Shaolin’’ album that Shkreli has boasted he bought for $2 million, he would have to give up $5 million in cash in a brokerage account. He also would be forced to forfeit other valuables including a Picasso painting and another unreleased recording that he claims he owns, ‘‘Tha Carter … [Read more...] about Judge orders ‘Pharma Bro’ to forfeit $7.3m, possibly including Wu-Tang Clan album