WASHINGTON (dpa-AFX) - The Federal Trade Commission and seven states have asked a federal judge to hold Martin Shkreli in contempt for allegedly violating a lifetime ban from the pharmaceutical industry imposed in 2022.
The FTC alleges Shkreli repeatedly breached the court order after his May 2022 release from prison by publicly trading shares of at least 60 pharmaceutical companies and broadcasting opinions about drug companies and their management on YouTube, X and Reddit.
Regulators are asking the court to force Shkreli to divest any pharmaceutical stocks he owns and pay a fine equal to his trading profits, plus interest. They also want escalating penalties for future violations, potentially including incarceration.
The lifetime ban stemmed from a finding that Shkreli orchestrated an anticompetitive scheme involving Daraprim, whose price was raised from $17.50 to $750 per tablet. The order also required him to disgorge more than $64 million.
New York, California, Illinois, North Carolina, Ohio, Pennsylvania and Virginia joined the FTC's filing.
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