Wu-Tang Album Owner Martin Shkreli Arrested on Fraud Charges

If you aren't familiar with the name Martin Shkreli yet, he is the pharmacy boss turned nationwide villain who raised the price of a drug used to combat AIDS more than 5,000 percent. He reentered headlines this month though, when it was revealed that of all the people to buy the Wu-Tang Clan's one-of-one $2 million album Once Upon A Time in Shaolin, it was the loathsome Shkreli. But now, Shkreli's comeuppance may have arrived, as the New York Daily News reports that the pharmaceutical CEO has been arrested on security fraud charges.

According to the Daily News, Shkreli was taken into FBI custody following an investigation into his former hedge fund. "The 32-year-old is accused of illegally using funds from Retrophin, the company he founded in 2011, to pay off personal debts from his failed hedge fund, MSMB Capital Management," the article recounts. The FBI confirmed that they did not seize the Wu-Tang album. They also sent out a press release detailing the indictment against Shkreli.

Shkreli had continued to posit himself within the hip-hop consciousness after it had come out that he was intending to bail all Bobby Shmurda, who has sat in jail for well over a year now as his label Epic Records fails to spring the money for his release. Shkreli's arrest then is yet another set back for Shmurda as the pharma boss has his own bail to consider now. The news of Shkreli's arrest comes just two weeks after Shmurda was denied bail for the sixth time.

Update (Dec. 17, 4:24 p.m.): Shkreli has been released on $5 million bond, as Reuters reports. He can only go to certain parts of New York. The next day he'll appear in court is January 20.

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