FTC seeks contempt ruling against Martin Shkreli over pharma stock ban
The Federal Trade Commission and seven states asked a federal court on Tuesday to hold Martin Shkreli in contempt for violating an order banning him from the pharmaceutical industry.
Court orders Shkreli divestiture
Federal regulators requested that a judge enforce a previous ruling preventing Shkreli from working in drug development. The agency claims he repeatedly broke the law by holding stocks while barred from industry participation. This legal action follows his 2018 conviction for investor fraud and subsequent seven-year prison term.
History of Daraprim case
Shkreli gained notoriety in the 2010s for raising the price of daraprim by 5,000 percent. A judge issued a lifetime ban on his employment in the sector after he tried to stop generic competition. He was released from prison in 2022 but remains subject to the original court restrictions.
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