FTC, seven states seek contempt ruling over Martin Shkreli pharma ban breach
Regulators are escalating enforcement against Martin Shkreli after alleging he keeps participating in the pharmaceutical sector despite a lifetime industry ban. The new contempt claim centers on conduct after his release from prison in May 2022, including stock trading in drug companies and public commentary on their business and management.
Highlights
- FTC and seven states seek to hold Martin Shkreli in contempt for allegedly violating a 2022 lifetime ban from the pharmaceutical industry.
- Shkreli is accused of publicly trading pharmaceutical stocks and providing business commentary despite a court order barring such activity.
- The FTC's enforcement action underscores ongoing scrutiny and strict compliance expectations in pharmaceutical competition and anti-monopoly cases.
Court filing targets alleged post-ban activity
As reported by CNBC, citing the Federal Trade Commission, the agency and seven states ask a federal judge on Tuesday to hold Shkreli in contempt, alleging he "flagrantly and repeatedly violated" a 2022 court order that barred him for life from the pharmaceutical industry.The regulators say Shkreli violates that order by publicly trading in pharmaceutical industry stocks and broadcasting his views on the business and management of many pharmaceutical companies. The filing extends the long-running fallout from the Daraprim case, in which a court finds that he organized an anti-competitive scheme to preserve his company's monopoly over the anti-parasitic drug.
Enforcement push underscores drug market oversight
The lifetime ban stems from findings that Shkreli's conduct raises prescription drug costs for U.S. patients and blocks the entry of lower-cost generic competitors. The latest action shows the FTC is continuing to police compliance with court-imposed remedies tied to competition cases in the drug sector.Daniel Guarnera, director of the FTC's Bureau of Competition, says in a statement that court judgments must be followed whether they come through settlement or after trial. He adds that Tuesday's action should serve as notice that the FTC will not hesitate to enforce violations of court orders.
Our earlier report on Democrats’ potential expansion of congressional oversight explained how a shift in control of Congress could widen subpoena powers and intensify investigations into banks, crypto businesses, prediction markets and the regulators supervising them. It also outlined likely pressure points such as rollbacks of financial regulation, consumer protection, housing affordability and the growing focus on emerging technologies in finance.
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