Martin Shkreli, known as the “pharma bro” convicted of securities fraud, has been ordered by a federal judge to turn over all copies of the Wu-Tang Clan album “Once Upon a Time in Shaolin.” The judge also prohibited Shkreli from selling or distributing the album as part of a preliminary restraining order in a lawsuit against him by PleasrDAO, a group of NFT collectors. This legal battle stems from Shkreli maintaining copies of the album despite PleasrDAO purchasing it for $4.74 million in 2021 and 2024.
Shkreli’s lawyer, Edward Paltzik, downplayed the significance of the court order, stating that it is only a preliminary measure and does not determine the final outcome of the case. “Once Upon a Time in Shaolin” was created by Wu-Tang Clan as a unique piece of art, with only one two-CD copy ever intended to exist. Shkreli acquired the album in 2015 for $2 million, which included a hand-carved nickel-silver box and a leather-bound manuscript with lyrics and a certificate of authenticity.
Despite PleasrDAO legally owning the only copy of the album, Shkreli has allegedly made statements and taken actions implying that he still retains copies of the music. He reportedly hosted live streams where he played parts of the album and claimed to have music files from it. Additionally, Shkreli made remarks about burning the album and sending it to multiple people. These actions led to the lawsuit against him by PleasrDAO and the subsequent restraining order issued by the court.
Shkreli rose to infamy as the CEO of Turing Pharmaceuticals for raising the price of the drug Daraprim from $13.50 to $750 per pill, causing outrage among patients and the public. He was later convicted of securities fraud and conspiracy related to his time at Retrophin, another biotech company. In 2018, Shkreli was sentenced to seven years in federal prison and ordered to pay fines and forfeitures amounting to millions of dollars.
The proceeds from the sale of “Once Upon a Time in Shaolin” were intended to go towards the remaining balance of Shkreli’s forfeiture. As part of the recent court ruling, Shkreli must return all copies of the album to his defense counsel by a specified deadline and provide a detailed inventory of the copies he possesses and any profits made from their distribution. This ruling is seen as a victory by PleasrDAO’s attorney, Steven Cooper, who emphasized the importance of immediate relief to prevent Shkreli from continuing to engage in misconduct.
CNN has sought comments from the Wu-Tang Clan regarding this legal dispute involving the album they created as a unique artistic endeavor. The ongoing case highlights the complexities and controversies surrounding Shkreli’s actions and the legal battles he faces in relation to his various business dealings and acquisitions.
