Martin Shkreli violated lifetime pharmaceutical ban: FTC
The FTC and several states have filed a contempt motion against Martin Shkreli, alleging he violated a lifetime ban from the pharmaceutical industry. The filing claims Shkreli continued to trade pharmaceutical stocks and broadcast industry opinions on social media platforms.
Why it matters
This case tests the enforceability of lifetime industry bans and the extent to which regulatory agencies can restrict the speech and financial activities of individuals found guilty of anti-competitive practices.
The Federal Trade Commission and seven states asked a federal judge in New York on Tuesday to hold notorious "Pharma bro" Martin Shkreli in contempt, alleging he "flagrantly and repeatedly violated" a 2022 civil court order that had banned him for life from the pharmaceutical industry.
The FTC and the states allege that Shkreli, since being released from prison in May 2022 for unrelated financial crimes, violated that court order by publicly trading in at least 60 pharmaceutical industry stocks and "publicly broadcasting his opinions about the business and management of many Pharmaceutical Companies through livestreaming and posting on numerous social media platforms, including YouTube, X, and Reddit," a court filing says.
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