FTC Seeks to Hold Martin Shkreli in Contempt Over Pharma Stock Trading
The Federal Trade Commission (FTC) has requested a federal judge hold former pharmaceutical executives Martin Shkreli in contempt for allegedly violating a 2022 court order. The violation reportedly involved trading stocks within the pharmaceutical industry and publicly expressing opinions about them, which is prohibited under legal restrictions imposed on him following past misconduct. Shkreli previously gained notoriety as CEO of Turing Pharmaceuticals when he dramatically increased drug prices, leading to widespread public backlash and regulatory scrutiny. He later became a board member at Retrophin before leaving the company in 2019. The court order from 2022 likely restricts his ability to engage with pharmaceutical stocks due to concerns over potential conflicts or misuse of insider information. The FTC's move signals continued oversight of Shkreli’s financial activities and reinforces legal boundaries set for individuals involved in past corporate misconduct.
Topics: CEO misconduct FTC pharmaceuticals
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Part of the story FTC and Seven States Seek Contempt Action Against Martin Shkreli for Alleged Violation of Pharma Industry Ban (2 articles)