The Federal Trade Commission and seven states have petitioned a federal judge to hold Martin Shkreli in contempt, accusing him of repeatedly breaching a court-ordered lifetime ban from the pharmaceutical industry.
Shkreli, released from prison in May 2022, faces the allegation of publicly trading pharmaceutical stocks and broadcasting opinions on the management of multiple drug companies.
FTC Commissioner Mark Meador said the repeated violations call for stronger penalties, including fines and possible jail time, to make a lifetime industry ban meaningful.
The ban originated in a 2022 civil ruling that found Shkreli drove up costs for the anti-parasitic drug Daraprim and blocked cheaper generic competitors.
Daniel Guarnera, director of the FTC’s Bureau of Competition, stated that court orders must be followed once issued, whether by settlement or trial.
This civil matter stems from an anti-competitive scheme and remains separate from Shkreli’s 2017 criminal conviction on securities fraud charges tied to his hedge funds and a drug company, which resulted in a seven-year prison sentence.
COMMENTS