FTC asks judge to hold 'pharma bro' Martin Shkreli in contempt of court for forming new drug firm

FTC asks judge to hold ‘pharma bro’ Martin Shkreli in contempt of court for forming new drug firm

Martin Shkreli, former chief executive officer of Turing Pharmaceuticals AG, center, pauses while speak to members of the media with his attorney Benjamin Brafman, right, outside federal court in the Brooklyn borough of New York, U.S., on Friday, Aug. 4, 2017.

Peter Foley | Bloomberg | Getty Images

The Federal Trade Commission on Friday asked a judge to hold notorious “pharma bro” Martin Shkreli in contempt of court for forming a new drug company in violation of a ban on the convicted fraudster from working in the pharmaceuticals industry.

Shkreli, who was released from prison last year, had been banned “for life from directly or indirectly
participating in any manner in the pharmaceutical industry” as a result of an FTC antitrust lawsuit against him and a prior drug company that he founded.

The FTC, in its Manhattan federal court filing, noted that Shkreli in July announced the formation of a new company, Druglike, “that appears to be involved in the drug industry.”

The agency said that action, as well as Shkreli’s failure to pay his nearly $25 million share of a $64.6 million judgment he owes in the lawsuit, suggest that he is violating the court’s orders in the case.

This is breaking news. Please check back for updates.

Leave a Reply

Your email address will not be published. Required fields are marked *