FTC and seven states seek contempt ruling against Shkreli over pharma ban
Summary
The FTC and seven US states are asking a court to hold Martin Shkreli in contempt for breaking a lifetime ban on working in the pharmaceutical industry. Shkreli is accused of trading stocks and influencing pharma companies after his release from prison, which violates court orders.Key Facts
- Martin Shkreli is banned for life from participating in the pharmaceutical industry.
- The FTC and seven states say Shkreli has traded stocks in over 60 pharmaceutical companies since May 2022.
- Shkreli has publicly talked about biotech stock trading on platforms like YouTube, X (formerly Twitter), and Reddit.
- The court order forbids him from owning or influencing pharmaceutical companies.
- The FTC wants financial penalties and other punishments to ensure Shkreli follows the ban.
- Shkreli’s ban was due to a 2022 ruling that found he illegally raised the price of a drug called Daraprim by more than 5,000%.
- In 2018, Shkreli was sentenced to seven years in prison for securities fraud but was released early.
- Authorities warn that violations of court orders will result in stronger legal actions.
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