Skip Navigation Markets Business Investing Tech Politics & Policy Video Watchlist Investing Club PRO Livestream Menu Key Points The Federal Trade Commission and seven states asked a federal judge on Tuesday to hold notorious "Pharma bro" Martin Shkreli in contempt.
Ah, Martin Shkreli. The name alone sends shivers down the spine of anyone who’s ever paid too much for a prescription. If you somehow missed it, Shkreli is the infamous former pharmaceutical CEO who became a household name for jacking up the price of a life-saving drug by over 5,000%. He’s the guy who made ‘pharma bro’ a thing—yes, that’s a real term now. Well, it seems that our favorite villain is back at it again, violating a lifetime ban from the pharmaceutical industry like it’s some kind of game of Monopoly.
Recently, the Federal Trade Commission (FTC) and a coalition of seven states decided enough was enough and filed a contempt claim against Shkreli. They’re alleging that since his release from prison in May 2022—where he was serving time for securities fraud, mind you—he has been trading stocks in at least 60 pharmaceutical companies. Yes, you heard that right: 60! I mean, who knew he had time to manage a portfolio while figuring out how to become the world’s most hated man?
Now, you might be wondering how someone who’s not allowed to play in the pharma sandbox is, well, playing in the pharma sandbox. It’s almost as if he thought the lifetime ban was just a suggestion, like those speed limit signs we all tend to ignore. Shkreli has also been providing investment advice online—because nothing says ‘trust me’ like a guy who once raised the price of a drug that treats HIV and other infections by more than $700 a pill. I mean, if you’re looking for financial advice, who better to turn to than someone who has a knack for making the worst decisions possible?
The FTC is not taking this lightly. They’re demanding he divest his pharma stocks, which sounds like a fancy way of saying, ‘Hey, Martin, you can’t just keep playing with fire and expect not to get burned.’ The contempt claim is a serious matter, and while we can’t help but chuckle at the absurdity of it all, the repercussions could be significant.
What’s next for Shkreli? Will he continue to thumb his nose at authority? Will he start a podcast titled ‘How to Get Rich While Breaking the Rules’? The possibilities are endless, and frankly, it’s entertaining to watch. But let’s not forget that behind all the drama, there are real-world implications. The pharmaceutical industry is already under scrutiny for various reasons, and Shkreli’s antics are just adding fuel to the fire.
In a world where ethical business practices should be the norm, Shkreli’s actions remind us that some people just can’t resist the urge to be the villain in their own story. So, here’s to you, Martin Shkreli. Keep doing you, but maybe think about playing by the rules for once? Or at least consider hiring a better lawyer.
Inspired by: “Martin Shkreli violated lifetime pharma industry ban, FTC and states say in contempt claim” (r/Business)