FTC and seven U.S. states ask court to find Shkreli in contempt — CNBC

In the United States, the Federal Trade Commission (FTC) and seven states have asked a federal judge to find former pharmaceutical company executive Martin Shkreli in civil contempt of court. The regulator and the states claim that he repeatedly and flagrantly violated a 2022 court order that permanently banned him from working in the pharmaceutical industry.

Statements by the FTC and states

According to CNBC, after his release from prison in May 2022, Shkreli allegedly publicly traded shares in pharmaceutical industry companies and commented on their business and management. The FTC and the states believe that this violated the court ban.

FTC Commissioner Mark Meador said that because of repeated violations of the court order, further misconduct may require harsher consequences, including financial sanctions and, if necessary, imprisonment.

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Origins of the lifetime ban

The lifetime ban was imposed after a court proceeding found that Shkreli had organized an anticompetitive scheme to preserve his company's monopoly position over the antiparasitic drug Daraprim.

Daniel Guarnera, director of the FTC's Bureau of Competition, noted that after a full trial, the court concluded that Shkreli's actions increased the cost of prescription drugs for American patients and hindered cheaper generic drugs from entering the market.