The FTC has reportedly called on “Pharma Bro” Martin Shkreli to be held in contempt of court for allegedly disobeying terms of a recent investigation into his business dealings.
NBC reports that Martin Shkreli, also known as “Pharma Bro,” has come under fire from the FTC for allegedly disobeying the terms of a recent investigation by the agency into his business dealings and failing to pay a $64.6 million fine he owed for prior wrongdoings. The FTC has asked a federal court to hold Shkreli in contempt.
Shkreli was found guilty of securities fraud for mismanaging two investment funds in 2017. He gained notoriety for raising the cost of the life-saving drug Daraprim by 4,000% while serving as the head of Turing Pharmaceuticals. Numerous publications dubbed him “the most hated man in America” as a result of his actions.
In 2022, as part of a different FTC antitrust case against him, Shkreli was the target of a 134-page decision by the US District Court for the Southern District of New York that permanently barred him from working in the pharmaceutical industry. In October, after news emerged that Shkreli had co-founded a brand-new “Web3 drug discovery software platform” called Druglike, Inc., this legally binding order led to a fresh look into his business dealings.
Shkreli was prohibited from working in the pharmaceutical industry again by a court order, but the FTC made an effort to determine whether he had done so regardless of the ruling. Shkreli allegedly repeatedly missed deadlines and dragged his feet when the FTC emailed him to request documents and arrange an interview about the situation, according to a Friday court filing by the FTC.
The filing states: “Shkreli has not attempted—much less ‘diligently,’ as Second Circuit law requires—to comply with the Order in a reasonable manner.”
The FTC also claimed that Shkreli was required to pay a multimillion-dollar sum by March 6, 2022, as a refund of his illegal gains. But, the FTC claims that “to date he has paid nothing toward the judgment, and has made no efforts to comply with this provision of the Order.”
Regarding Shkreli’s dealings with Druglike, the FTC added: “Shkreli’s noncompliance is also clear and unambiguous: Shkreli has not submitted a supplemental Compliance Report, provided access to relevant documents, or made himself available for an interview.”
Shkreli’s attorney, Brianne Murphy, stated that the issue with the FTC is simply a misunderstanding that “can get resolved relatively quickly once we get additional information and context to them.”
Murphy further stated that Shkreli’s new business does not violate the court order as his new company “is a software company, rather than a drug company.”
Read more at NBC News here.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan
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