FTC Calls for Permanent Industry Ban on Martin Shkreli
FTC Director Mark Medall has expressed concern over Martin Shkreli’s disregard for orders following his release from prison. In a recent statement, Medall highlighted Shkreli’s alleged involvement in trading pharmaceutical stocks and attempting to influence multiple pharmaceutical companies, in violation of an injunction.
Responding to the FTC’s filing, Shkreli expressed surprise and criticized the government’s actions. He cited concerns over free speech and referenced President Trump’s FTC.
Alleged Violations
The FTC and states have outlined four stages of Shkreli’s alleged violations, including trading competitions, shorting biotech companies, and questionable stock trades.
Shkreli’s livestreams on various social media platforms have also come under scrutiny. He often displayed his trading account and offered insights on drug companies and stock predictions. In one instance, Shkreli referred to a “magic trick” related to biotech stocks, which resulted in a significant drop in a drug company’s stock price.
According to the FTC, the stocks discussed by Shkreli on the livestreams are just the beginning. The investigation has revealed only a portion of Shkreli’s social media activities, with mentions of other undisclosed accounts.
Shkreli’s comments about federal surveillance add another layer of intrigue to the ongoing investigation.
Source: arstechnica.com
