FTC: ‘Pharma bro’ Shkreli violated lifetime industry ban, should be held in contempt

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1. 2h ago

   FTC and States Seek Contempt Ruling Against Martin Shkreli

   The Federal Trade Commission and seven states are asking a federal court to hold Martin Shkreli in contempt for allegedly violating a lifetime ban from the pharmaceutical industry. Authorities claim Shkreli has repeatedly and flagrantly ignored the 2022 court order by participating in the sector, trading stocks, and sinking share prices for small biotechnology companies. Shkreli was originally barred from the industry following a trial that found he organized an illegal monopoly scheme for the drug Daraprim. State and federal regulators now want the court to penalize him for breaching these legal restrictions.

   Why it matters

   Shkreli faced a lifetime industry prohibition after completing a prison sentence related to his previous pharmaceutical monopolization schemes. Since his release in 2022, regulatory bodies claim he has continued to exert influence over the pharmaceutical sector through public commentary and stock transactions. The current contempt motion marks a major escalation by enforcement agencies seeking to enforce the boundaries of the original federal court order.

   What is confirmed

   • The Federal Trade Commission and seven states asked a federal court to hold Martin Shkreli in contempt.
   • Authorities allege Shkreli flagrantly and repeatedly violated a 2022 court order barring him from the pharmaceutical industry.
   • Shkreli was banned from the pharmaceutical industry after a trial found he organized an illegal scheme to perpetuate a monopoly for the drug Daraprim.
   • Since his release from prison in 2022, Shkreli has traded stocks and publicly opined on news events, sinking share prices for small biotechs including Capricor and Cassava, the FTC alleges.

   What to watch next

   • A federal court ruling on the contempt motion requested by the FTC and the seven states
   • Any formal legal defense or response filed by Martin Shkreli or his representatives
   Sources used for this update (16)

   1. www.cnbc.com — Stock Markets, Business News, Financials, Earnings - CNBC
   2. www.ftc.gov — Federal Trade Commission | Protecting America's Consumers
   3. CNBC — Martin Shkreli violated lifetime pharma industry ban, FTC and states say in contempt claim
   4. The Guardian — ​FTC and seven states seek contempt ruling against Shkreli over pharma ban
   5. CNN — ‘Pharma Bro’ Martin Shkreli has caught the attention of federal and state authorities again
   6. The New York Times — Martin Shkreli Violated Lifetime Ban From Drug Industry, U.S. Says
   7. The Hill — FTC: ‘Pharma bro’ Shkreli violated lifetime industry ban, should be held in contempt
   8. Financial Times — FTC says ‘pharma bro’ Martin Shkreli repeatedly violated industry ban
   9. Ars Technica — Martin Shkreli livestreamed himself violating lifetime pharma ban, FTC says
   10. help.naver.com — Futures Flat As Oil Rebounds After Trump's "Energy Ceasefire" Unravels, Memory Stocks Slide | ZeroHedge
   11. www.theguardian.com — AI godfather Geoffrey Hinton: ‘We’re creating alien beings. I’m willing to be selfish and choose humans’ | Donald Trump
   12. www.biospace.com — ‘Pharma bro’ Shkreli runs afoul of court’s lifetime pharma ban - BioSpace
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