FTC says pharma no to "Pharma Bro" Martin Shkreli
CBSN
The Federal Trade Commission on Friday said convicted fraudster Martin Shkreli should be held in contempt of court for launching a new drug company after he was banned from the pharmaceutical industry for life.
An earlier court order prohibited Shkreli "from directly or indirectly participating in any manner in the pharmaceutical industry" and ordered him to pay up to $65 million in monetary relief. Shkreli in 2018 was sentenced to seven years in prison for securities fraud. He served four years and was released from Pennsylvania's Allenwood Low Federal Correctional Institution in May of 2022.
The FTC asked the United District Court for the Southern District of New York to find Shkreli in civil contempt for failing to satisfy the monetary judgment and for forming a new company, called Druglike, described as "a platform for democratizing the access, costs and rewards of early-stage drug discovery."
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