FTC Accuses Martin Shkreli of Violating Lifetime Pharmaceutical Industry Ban

The Federal Trade Commission and attorneys general from seven states have requested that a federal judge hold Martin Shkreli in contempt for allegedly violating a lifetime ban from the pharmaceutical industry. Shkreli, who previously served a prison sentence for fraudulent schemes involving the drug Daraprim, has been under this ban since 2022. Authorities claim that Shkreli has flagrantly disregarded the order by trading stocks in numerous drug companies and discussing industry matters during social media livestreams. The coalition of states, including New York and California, argues that these actions constitute a direct violation of the 2020 legal settlement that sought to curb his anticompetitive behavior. The original lawsuit stemmed from Shkreli's role in raising the price of the anti-parasitic drug Daraprim from $17.50 to $750 per pill, while simultaneously blocking generic competition from entering the market.