FTC and seven states seek contempt ruling against Shkreli over pharma ban
Martin Shkreli’s 2022 release conditions bar him from participating in the pharmaceutical industry, including ownership stakes or business decisions
TL;DR
- The FTC and seven states have filed a motion to hold Martin Shkreli in contempt of court.
- Shkreli is accused of violating a lifetime ban from the pharmaceutical industry, imposed after his release from prison in May 2022.
- Allegations include trading stocks in at least 60 pharmaceutical companies and publicly commenting on their businesses.
- Shkreli allegedly publicized his activities through live streams on platforms like YouTube, X, and Reddit.
- The FTC seeks sanctions such as accounting of trades, divestment of ownership, monetary fines, and potential incarceration for future violations.
- Shkreli's ban stems from an anticompetitive scheme to drastically increase the price of the drug Daraprim.
- He was previously fined $64.6m and sentenced to seven years in prison for securities fraud.