Martin Shkreli violated lifetime pharma industry ban, FTC and states say in contempt claim

The Federal Trade Commission (FTC) and seven state attorneys general have accused pharmaceutical industry figure Martin Shkreli of repeatedly violating his lifetime ban from the industry. Despite being ordered to refrain from engaging in pharmaceutical activities, Shkreli, also known as the "Pharma Bro," has continued to trade pharmaceutical stocks and publicly comment on the industry.

The FTC and attorneys general have filed a 37-page court document, requesting that a judge hold Shkreli in contempt for his violations. They are also seeking to impose fines on any profits he made from pharma-related trades, as well as enforce increasingly harsh consequences for any future breaches of the ban. Shkreli, who served four years in prison for securities fraud in 2017, was ordered to pay a $64.6 million penalty and receive a lifetime ban from the industry upon his release in 2022.

Since his release, he has actively engaged in pharmaceutical stock trading and livestreams, even holding a trading challenge in July 2022 using a $10 million account to trade in 11 pharmaceutical stocks, including major players like Pfizer and Moderna.