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Martin Shkreli livestreamed himself violating lifetime pharma ban, FTC says
Ars Technica • • business
Key Points:
- Martin Shkreli, banned for life from the pharmaceutical industry since 2022 due to illegal price hikes and fraud, is accused by the FTC and seven states of repeatedly violating the ban by trading pharmaceutical stocks and discussing the industry on social media.
- The FTC and states have asked a federal judge to hold Shkreli in contempt, seeking his divestment from pharmaceutical companies, fines equal to his trading profits, and escalating penalties for future violations.
- Shkreli’s alleged violations include multiple trading challenges from 2022 to 2026, where he actively traded and publicly commented on pharmaceutical stocks, influencing stock prices during livestreams.
- The FTC highlighted that their review only covered a fraction of Shkreli’s social media activity, suggesting more extensive violations, while Shkreli dismissed the allegations as an infringement on free speech.
- This legal action follows the original 2020 lawsuit over Shkreli’s scheme that raised the price of the drug Daraprim by over 4,000%, blocking generic competition and prompting his lifetime industry ban.
