UPDATE 4:01PM: According to CNBC, Shkreli was just released on $5 million bond. In the deal, he agreed to turn over his passports and is limited to travel in only the NYC area. The NYC FBI account revealed on Twitter that the didn't seize the Wu-Tang Clan album, so it's still in Shkreli's possession. We'll continue to update when more details come out. 

UPDATE 3:27PM: According to TMZ, the FBI called Shkreli last night and the whole thing was reportedly caught on on video. The video, which you can watch below, was ripped from a UStream event Shkreli did last night. During the clip, Shkreli receives a phone call from someone that said they were a special agent. It's unclear if this is real, but with his arrest this morning it would be a crazy coincidence. 

UPDATE 1:00PM: Because Twitter has absolutely no chill, a user on the social media platform has publicized his request to receive the Wu-Tang album from the FBI under the Freedom of Information Act. However, as Bloomberg points out, "Federal authorities could seize the album and other personal property if they can’t otherwise recover his ill-gotten gains." Essentially, his request is a long shot. Still, we salute his gumption.

See below for the original story.

It looks like Martin Shkreli won't be bailing Bobby Shmurda out of jail. Instead, he might need that bail money himself. According to Bloomberg, Shkreli, who is the same guy that jacked up the price of an AIDS medication and bought the one-of-a-kind Wu-Tang Clan album for $2 million, was arrested on fraud charges this morning.

He was reportedly charged with illegally taking stock from the biotechnology company Retrophin Inc. and using that money to pay off his own debts. Shkreli was later removed as CEO of the company because of his business dealings. The federal prosecutors are accusing Shkreli of running fake consulting arrangements and making secret payoffs after his hedge fund, MSMB Capital Management, lost millions of dollars.

When it was first announced that Shkreli was the man who purchased the Wu-Tang album, RZA said the group had no knowledge of his past shady business deals. Just yesterday, Shkreli said in an interview that he wanted to bail Shmurda out of jail, but that now seems highly unlikely. We'll continue to update this story as it develops.