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Regulators seek contempt finding against Martin Shkreli
The Federal Trade Commission and seven states allege the former hedge-fund manager violated a ban on involvement in the biopharma industry even after his 2017 fraud conviction.
Martin Shkreli, known as the “Pharma Bro,” is facing renewed action from U.S. regulators over allegations that he influenced biopharma stocks despite being banned from involvement in the industry, according to MarketWatch.
The Federal Trade Commission and seven states are seeking to have Shkreli held in contempt.
MarketWatch notes that Shkreli was found guilty in 2017 on two counts of securities fraud and one count of conspiracy to commit securities fraud.
He rose to prominence about a decade ago by buying the rights to Daraprim and substantially raising the drug’s price from $17.50 a tablet to $750, a move that fed into broader debate over high drug costs.