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Martin Shkreli faces contempt charges for violating pharmaceutical industry ban
The Federal Trade Commission (FTC) and attorneys general from seven states—New York, California, Illinois, North Carolina, Ohio, Pennsylvania, and Virginia—have requested that a federal judge hold Martin Shkreli in contempt of court.
Regulators allege that Shkreli has “flagrantly and repeatedly” violated a lifetime ban from the pharmaceutical industry. Since his 2022 release from prison for securities fraud, Shkreli has reportedly engaged in stock trading and livestreamed his activities on YouTube, including a trading competition involving pharmaceutical companies.
The legal motion filed in the U.S. District Court for the Southern District of New York seeks several penalties, including the divestment of his pharmaceutical holdings, a sworn accounting of his trades, and fines tied to his trading profits. Authorities are also requesting an independent auditor to review his financial statements and have warned of potential incarceration if he does not comply with the industry ban.
Entities
Cassava Sciences · Federal Trade Commission · Letitia James · Martin Shkreli · United States District Court for the Southern District of New York
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 2 SOURCES] Authorities are seeking the divestment of Shkreli's pharmaceutical company holdings. uticaphoenix.net · www.statnews.com
- [● 4 SOURCES] Regulators have requested that Shkreli be held in contempt of court. www.haberaktuel.com · keyt.com · uticaphoenix.net · www.statnews.com
- [● 2 SOURCES] Shkreli was released from prison in May 2022 after serving time for securities fraud. www.haberaktuel.com · keyt.com
- [○ 1 SOURCE] Regulators have asked for an independent auditor to check Shkreli's trading accounting. uticaphoenix.net
- [● 2 SOURCES] The coalition requested a fine tied to profits from prohibited pharmaceutical trading. www.haberaktuel.com · uticaphoenix.net
- [● 4 SOURCES] Martin Shkreli has flagrantly and repeatedly violated a court order banning him from the pharmaceutical industry. www.haberaktuel.com · keyt.com · uticaphoenix.net · www.statnews.com
- [● 2 SOURCES] Shkreli was previously ordered to pay $64.6 million for anticompetitive behavior regarding the drug Daraprim. www.haberaktuel.com · keyt.com
- [● 2 SOURCES] The legal action includes a request for potential incarceration if noncompliance continues. www.haberaktuel.com · uticaphoenix.net