FTC and seven states seek contempt ruling against Martin Shkreli over pharma ban
The Federal Trade Commission and seven US states filed a motion on Tuesday in New York asking a judge to hold Martin Shkreli in contempt for violating his lifetime industry ban.
Alleged violations of release conditions
The court filing alleges that the 43-year-old executive traded stocks in at least 60 pharmaceutical companies since leaving prison in May 2022. His actions include publicly commenting on business decisions and owning stakes, which his release conditions explicitly prohibit.
Public campaigns and live streams
Shkreli promoted biotech trading through posts on YouTube, X, and Reddit platforms while organizing campaigns to short specific stocks. During one broadcast he claimed he could always find biotech stocks to smoke regardless of his other trades.
Request for civil contempt order
The coalition argues these brazen violations warrant a civil contempt ruling from the judge in the Southern District of New York. The FTC states that Shkreli should be held in civil contempt for ignoring the restrictions placed on him.
2 outlets, different leads
-
The Guardian
FTC and seven states seek contempt ruling against Shkreli over pharma ban
-
The Hill
FTC: 'Pharma bro' Shkreli violated lifetime industry ban, should be held in contempt
Reported by
2 independent outlets. Headlines as published. Links open the original report.