Martin Shkreli Archives - New Hip Hop News

The Saga Of Martin Shkreli Continues: Lawsuit, Wu-Tang Clan & The One-Of-A-Kind Album

June 12, 2024 by newhiphopnews

Martin Shkreli has found himself embroiled in yet another legal battle. This time, the disgraced former pharmaceutical executive is being sued by PleasrDAO, a digital art collective, over the Wu-Tang Clan’s unique album, Once Upon A Time In Shaolin, Pitchfork reports. Shkreli originally purchased the one-of-one album in 2015 for $2 million, only to later forfeit it as part of a criminal conviction. PleasrDAO acquired the album in 2021 for $4 million, but recent actions by Shkreli have led to new legal troubles. A lawsuit was filed on June 10 in Brooklyn federal court. PleasrDAO alleges that Shkreli made unauthorized copies of the album and played it publicly. Thus, diminishing its value and violating the terms of his forfeiture order.

Martin Shkreli: From Pharma Bro To Convicted Felon

martin shkreli wu-tang clan album — (Photo by Drew Angerer/Getty Images)

Martin Shkreli first gained notoriety as the CEO of Turing Pharmaceuticals when he infamously raised the price of the life-saving drug Daraprim by over 5,000%. His unapologetic stance and provocative public persona earned him the moniker “Pharma Bro.” However, his business practices soon caught up with him, leading to his arrest in 2015 on securities fraud charges. By 2017, Shkreli was convicted and sentenced to seven years in federal prison. As part of his sentence, he had to forfeit nearly $7.4 million in assets, including the Wu-Tang Clan album.

The Wu-Tang Clan Album: A Unique Musical Artifact

Once Upon A Time In Shaolin” is not just any album; it’s a singular piece of music history. Created as a one-of-a-kind work of art, it was designed to be experienced by a select few. The contract stipulated it cannot be commercially exploited until 2109. This exclusivity was intended to make a statement about the value of music in the digital age. When Shkreli purchased the album, it was seen by many as a fitting symbol of his controversial persona. However, the story took another turn when the album was seized by the federal government as part of his asset forfeiture.

PleasrDAO’s Lawsuit: Protecting The Album’s Integrity

PleasrDAO, a collective known for its digital art and NFTs ventures, purchased Once Upon A Time In Shaolin for $4 million. This happened while Shkreli was serving his prison sentence. According to the lawsuit, Martin Shkreli violated the terms of his forfeiture order by copying the Wu-Tang Clan album and playing it publicly, actions he has openly admitted to on social media. PleasrDAO argues that these actions not only diminish the album’s value but also harm its reputation and ability to commercially exploit the album within the constraints of the original contract.

The Legal Battle & Public Reactions

It was literally allowed. It was their lack of diligence that is astonishing.

— Martin Shkreli (e/acc) (@MartinShkreli) June 11, 2024

The lawsuit seeks an inventory of the files Shkreli has, the seizure of his copies, and damages for the alleged breaches. Despite the serious allegations, Shkreli has taken to social media to mock PleasrDAO and defend his actions. “these super nerds are suing me,” he wrote. “the least crypto ethos, whitest, least culturally relevant dorks[.] good luck!”

Conclusion: A Continuing Controversy

As Once Upon a Time in Shaolin prepares to be publicly played at Australia’s Museum of Old and New Art (MONA), the legal and cultural saga surrounding Martin Shkreli and the Wu-Tang Clan album continues to unfold. The outcome of PleasrDAO’s lawsuit could set important precedents for the handling of unique art pieces in the digital age, as well as further cement Shkreli’s infamous legacy.

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Martin Shkreli Fires Back At “Once Upon A Time In Shaolin” Owner Over Wu-Tang Clan Lawsuit

June 12, 2024 by newhiphopnews

Martin Shkreli has responded to the company suing him over his prior ownership of the Wu-Tang Clan album, Once Upon A Time In Shaolin. When PleasrDAO explained on X (formerly Twitter) how they plan to give the public access to the unheard album, Shkreli told them to “eat a d*ck.” The company is suing Shkreli for allegedly copying and sharing the iconic one-of-one album, which they say diminished its value. Shkreli ended up forfeiting ownership of the project following his fraud conviction.

“Our master plan is to release the music to the public in a way that honors the Wu-Tang Clan and gets them paid while circumventing the streaming oligopoly; every action we are taking is in service of that mission,” PleasrDAO wrote on X. “Eat a d*ck, they got paid, multiple times,” Shkreli responded. “These super nerds are suing me,” he wrote in another post with laughing emojis. “The least crypto ethos, whitest, least culturally relevant dorks good luck!”

Martin Shkreli Leaves Court Following Guilty Verdict For Securities Fraud

NEW YORK, NY – AUGUST 04: Former pharmaceutical executive Martin Shkreli walks away from the U.S. District Court for the Eastern. District of New York after the jury issued a verdict, August 4, 2017, in the Brooklyn borough of New. York. City. Shkreli was found guilty on three of the eight counts involving securities fraud and conspiracy to commit securities and wire fraud. (Photo by Spencer Platt/Getty Images)

As for PleasrDAO’s lawsuit, the company is seeking $2 million in damages, according to court documents obtained by AllHipHop. “The album was supposed to constitute the sole existing copy of the record, music, data and files and packaging,” their lawyers wrote in the filing. “It now appears, however, that Shkreli improperly retained copies of the data and files at the time of the forfeiture and has released and/or intends to release them to the public. Such actions would cause PleasrDAO to incur significant monetary and irreparable harm, and give rise to numerous claims for relief under the forfeiture order and common law.”

Martin Shkreli Fires Back At PleasrDAO

Check out some of Shkreli’s back-and-forth with PleasrDAO on X above. Be on the lookout for further updates on Martin Shkreli and the lawsuit on HotNewHipHop.

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Martin Shkreli Has Reportedly Been Sued For Playing Wu-Tang Clan’s ‘Once Upon A Time In Shaolin’ Album To The Public

June 11, 2024 by newhiphopnews

Wu-Tang ain’t nothing to f*ck with. And Martin Shkreli learned exactly what this means. Today (June 11), New York Post reported that art collective PleasrDAO is suing Shkreli after the notorious Pharmabro allegedly made copies of Wu-Tang Clan‘s Once Upon A Time in Shaolin album.

PleasrDAO claimed that they paid $4.75 million for a one-of-a-kind album by hip-hop group Wu-Tang Clan, however, that Shkreli made copies and shared the music to the public violates the terms of the purchase.

Shkreli purchased Once Upon A Time In Shaolin back in 2015 for $2 million, however, was later forced to give up the album to partially satisfy a $7.4 million forfeiture order after he was convicted of defrauding hedge fund investors and scheming to defraud investors in a drugmaker back in 2017. Shkreli was sentenced to seven years in prison, but was released early, and currently remains on supervised release.

According to the report, Shkreli held a “Wu tang official listening party” via online livestream this past Sunday (June 8). PleasrDAO claims that livestreaming the album “greatly diminishes and/or destroys the album’s value” and violates the forfeiture order. The collective is asking that Shkreli destroy his copies of Once Upon A Time In Shaolin, turn over profits from disseminating the music, and pay compensatory and punitive damages.

Once Upon A Time In Shaolin was pressed in 2015, and only one physical copy of the album was made. The album cannot legally be sold commercially or uploaded to digital streaming services until 2103, per an agreement with the purchaser, however, the album can be played at listening parties.

A series of listening parties for Once Upon A Time In Shaolin will take place in Hobart, Australia at the Museum Of Old And New Art from June 15–24.

Martin Shkreli Faces Massive Lawsuit Over Wu-Tang Album

June 11, 2024 by newhiphopnews

Martin Shkreli is facing a $2 million lawsuit for allegedly copying and sharing the iconic one-of-one Wu-Tang Clan album, Once Upon a Time in Shaolin. Shkreli was the first to buy the project but ended up forfeiting it following his fraud conviction. The current owner, PleasrDAO, has accused the infamous “Pharma Bro” of diminishing the value of the mysterious album by making a copy of it.

“The album was supposed to constitute the sole existing copy of the record, music, data and files and packaging,” PleasrDAO’s lawyers wrote in court documents obtained by AllHipHop. “It now appears, however, that Shkreli improperly retained copies of the data and files at the time of the forfeiture and has released and/or intends to release them to the public. Such actions would cause PleasrDAO to incur significant monetary and irreparable harm, and give rise to numerous claims for relief under the forfeiture order and common law.”

Martin Shkreli Leaves Court After Guilty Verdict For Securities Fraud

NEW YORK, NY – AUGUST 4: (L to R) Lead defense attorney Benjamin Brafman walks with former pharmaceutical executive Martin Shkreli after the jury issued a verdict at the U.S. District Court for the Eastern District of New York, August 4, 2017, in the Brooklyn borough of New York City. Shkreli was guilty on three of the eight counts involving securities fraud and conspiracy to commit securities and wire fraud. (Photo by Drew Angerer/Getty Images)

From there, they noted several instances of Shkreli allegedly bragging about copying the album. “By his own admission, Shkreli retained copies of the album’s data and files, played the album publicly on his ‘live stream’ and has sent it to at least 50 people,” PleasrDAO’s attorneys wrote. “His comments demonstrate that he is also willing to disseminate copies of the album’s data and files publicly, and that as many as ‘> 5,000 individuals’ may have already heard the album as a result of his actions. These actions occurred after he was ordered to forfeit his interests in the album. Shkreli therefore violated the Forfeiture Order’s provisions requiring Shkreli to forfeit his interests in the album and prohibiting him from taking any action that would reduce the album’s value.”

Shkreli first made headlines for purchasing the album back in 2015. Be on the lookout for further updates on Martin Shkreli and the Once Upon a Time in Shaolin album on HotNewHipHop.

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Martin Shkreli Net Worth 2024: What Is The Pharmabro Worth?

February 15, 2024 by newhiphopnews

Martin Shkreli, often dubbed as “Pharmabro,” has remained a figure of controversy and fascination in the realm of finance and pharmaceuticals. Known for his unapologetic demeanor and penchant for stirring up public outrage, Shkreli’s journey from a young entrepreneur to a convicted felon has been nothing short of extraordinary. In 2024, amidst legal battles and business endeavors, the question arises: What is Martin Shkreli’s net worth?

Rise To Notoriety: Early Years & Pharmaceutical Ventures

Born on March 17, 1983, in Brooklyn, New York, Martin Shkreli demonstrated an early knack for entrepreneurship. He founded Elea Capital Management, a hedge fund, before venturing into the pharmaceutical industry. Shkreli gained widespread attention when, as CEO of Turing Pharmaceuticals, he acquired the rights to Daraprim, a life-saving drug for HIV patients, and hiked its price by over 5,000%.

His unapologetic defense of the price hike sparked outrage, earning him the infamous title of “the most hated man in America.” Despite the backlash, Shkreli’s move catapulted him into the spotlight, cementing his reputation as a shrewd businessman willing to push ethical boundaries in pursuit of profit.

Arrest, Conviction, & Legal Battles

However, a precipitous fall followed Shkreli’s meteoric rise. In 2015, FBI arrested arrested Shkreli on charges of securities fraud and conspiracy relating to his management of hedge funds and pharmaceutical companies. The case centered on allegations that he had orchestrated a Ponzi-like scheme to defraud investors.

In 2017, the court found him guilty on multiple counts of fraud and securities manipulation. The judge sentenced him to seven years in prison and ordered him to forfeit $7.36 million in assets. Despite his incarceration, Shkreli remained defiant, continuing to make headlines with his brazen behavior, including running his pharmaceutical company from behind bars.

Current Ventures & Estimated Net Worth

As of 2024, Martin Shkreli’s net worth is estimated to be atleast $15 million, according to GuruFocus. While significantly diminished from his heyday, this figure is a testament to Shkreli’s resilience and ability to navigate turbulent waters. Despite his legal troubles, Shkreli has continued to dabble in various ventures, including cryptocurrency investments and consulting for biotech companies.

Moreover, Shkreli’s notoriety has translated into lucrative opportunities, including speaking engagements and media appearances. Despite his polarizing reputation, he maintains a dedicated following of supporters who view him as a maverick entrepreneur persecuted by the system.

Conclusion

In conclusion, Martin Shkreli’s net worth in 2024 reflects a complex legacy marked by both triumphs and tribulations. From his controversial price hikes in the pharmaceutical industry to his subsequent legal battles and imprisonment, Shkreli’s journey serves as a cautionary tale about the perils of unchecked ambition and ethical lapses. Yet, amidst the turmoil, his enduring influence and net worth stand as a testament to his resilience and ability to defy expectations.

The post Martin Shkreli Net Worth 2024: What Is The Pharmabro Worth? appeared first on HotNewHipHop.

U.S. Government Releases Photos of Rare Wu-Tang Clan Album

January 6, 2022 by newhiphopnews

An updated on Wu-Tang Clan’s Once Upon a Time in Shaolin album. Continue reading…

RZA Admits Selling Martin Shkreli Wu-Tang Clan’s Exclusive Album Put It ‘In The Wrong Hands’

October 28, 2021 by newhiphopnews

Wu-Tang Clan had high hopes when they created only one copy of their exclusive album Once Upon A Time In Shaolin, which was meant to be auctioned off and barred from commercial sale for 88 years. But things didn’t quite go according to plan when currently imprisoned “Pharma bro” Martin Shkreli bought the LP before going to jail for several counts of fraud. RZA now admits that selling Shkreli the album was a mistake, but his original vision for Once Upon A Time In Shaolin could still come true after all.

RZA recently sat down for an interview on Hot 97’s Ebro In The Morning radio show, where he discussed selling the album to Shkreli and said it definitely “was in the wrong hands.”

The rapper explained he met with Shkreli before selling him the album, but that was before his true character was revealed. “The thing that’s powerful about it now is, now that it’s out of our hands, no disrespect to Martin Shkreli, because I don’t never knock somebody who bought something,” he said. “But it was in the wrong hands in reality. He made the deal before it was revealed of his character, his personality, and all the insidious things he would go on to do. That wasn’t the guy that I met. He definitely unfolded into that guy. He had control of this one-of-a-kind piece of art, and I could see it was in the wrong hands. But still, it was a sale and I can’t complain about who we sell it to. Everybody’s got a right to buy something that’s for sale.”

The government has now sold Once Upon A Time In Shaolin to NFT organization PleasrDAO in order pay off the $7.4 million forfeiture judgment against Shkreli at the time of his conviction. RZA believes that the album is now in the “right hands” after meeting with the person behind PleasrDAO, saying his original vision for the album could still become a reality:

“But now, I think it’s in the right hands. I’m hoping that it is in the right hands. I spoke to the gentleman who’s leading the way and he just seems to have more of a Wu vibe about him. Wu is a vibe and I strive to say it’s a vibe of positivity, even with the aggression. […] There were some original ideas that we wanted to do with this album. A lot of beautiful ideas that wasn’t disclosed to the public, and I won’t disclose them now, but those ideas were not able to happen with Mr. Shkreli. Now that PleasrDAO has it, there’s an opportunity for a lot of these beautiful ideas of what this art can be and how it can expand itself in the world.”

Watch RZA’s full interview with Ebro In The Morning above.

Exclusive: Behind-The-Scenes of The Secret NFT Deal To Secure A Rare, Unreleased Wu-Tang Album.

October 27, 2021 by newhiphopnews

How did a rare, unreleased Wu-Tang album become the most expensive music album ever sold? We explore the behind-the-scenes workings that made the deal possible and the key players in the headline-making $4 million acquisition of the only existing copy of Wu-Tang Clan’s “Once Upon a Time in Shaolin” album as an NFT. The […]

The US Government Has Sold The Wu-Tang Clan Album Seized From Martin Shkreli

July 27, 2021 by newhiphopnews

The mythic Wu-Tang Clan album once purchased for an exorbitant sum by “Pharma Bro” Martin Shkreli has finally been sold after being seized by the US government. According to the Justice Department, the sole copy of Once Upon A Time In Shaolin was sold off to pay off the $7.4 million forfeiture judgment against Shkreli for his 2018 conviction on securities fraud. A confidentiality provision in the sale contract protects information about the buyer and price.

The album first made waves in 2014 when it was announced that only one copy of the album would be auctioned off, incensing group members like Method Man. The album was purchased by Shkreli in 2015 with the caveat that it couldn’t be commercially exploited for nearly 100 years. When Shkreli was convicted in 2018 for SEC violations, he played the album while talking about it and tried to sell it on eBay to avoid forfeiting it as part of his sentence. When he was sentenced to seven years in prison, the government appropriated the project for the purpose of auctioning it off to pay his debts.

Of course, just because only one copy of the album exists and can’t be monetized for 100 years, doesn’t mean RZA won’t try to make some money off it anyway. In August 2020, the Wu-Tang leader reportedly began production on a film about the album’s convoluted existence for Netflix.