Well, folks, it looks like “Pharma Bro” Martin Shkreli is back in the news, and I’m not surprised. I mean, this guy has been a thorn in the side of the pharmaceutical industry for years, and it seems like he just can’t help himself. According to CNN, Shkreli has been livestreaming his stock trades on YouTube, including several positions involving pharmaceutical companies, which is a big no-no considering he’s been banned from the industry. I almost spilled my coffee reading this one – who does this guy think he is?
The Federal Trade Commission and attorneys general from seven states are alleging that Shkreli has “flagrantly and repeatedly” violated the court order that barred him from participating in the pharmaceutical industry. They’re asking a federal judge to hold him in contempt, fine him the total profits he made from the trades, and potentially send him to prison if he doesn’t stop. Bless their hearts, it’s like they think he’s going to suddenly start following the rules.
It turns out that Shkreli has been setting up a trading competition involving at least 11 pharmaceutical stocks and shorting biotech companies, all while livestreaming his trades and sharing his “expert” advice with his followers. He even gloated about the success of his short position on Cassava Sciences, saying “I try to give you some advice. Twenty years of experience. I made a lot of money in these binary events, man. Some people say that I’m the GOAT at it, but you didn’t want to hear nothing.” You can’t make this stuff up, folks.
The authorities are also alleging that Shkreli’s sister and her partner may have assisted him in his questionable activities, and they’re asking the judge to order them to preserve evidence. It’s like they’re trying to uncover a big conspiracy or something. Somewhere in Atlanta, a producer thought this sounded terrifying, and now we’ve got a full-blown investigation on our hands.
Shkreli’s history is pretty colorful, to say the least. He was found liable for anticompetitive behavior in 2020 for raising the price of Daraprim, a life-saving drug, by 4,000% overnight. He was also found guilty of securities fraud in 2018 and sentenced to seven years in prison, but was released in 2022. It’s like this guy has a PhD in getting in trouble.
The FTC and states are saying that what they’ve uncovered may be the “tip of the iceberg,” and they’re concerned that Shkreli may have profited from his violations and may still own pharmaceutical company stocks. They’re asking for more evidence, but it’s clear that they’re not going to let Shkreli off the hook that easily.
In conclusion, it looks like Martin Shkreli is in hot water again, and it’s not surprising. The guy just can’t seem to stay out of trouble. I’ll be keeping an eye on this story, and I’m sure it’ll be a wild ride. Who knows what’s next for “Pharma Bro”? Maybe he’ll start a podcast or something – after all, he’s already got the whole “expert” thing down. 🙄
Armchair patriot. Believes in the free market, cold beer, and that there’s always a guy named George behind every CNN segment.
Former remote-throwing champion turned #1 couch commentator on liberal panic in the media. Born in Texas (or so his mug says), he earned a degree in Fake Newsology & Beer Philosophy from YouTube University.
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