Martin Shkreli clashes with lawmakers ahead of congressional hearing

Martin Shkreli

Former pharmaceutical executive Martin Shkreli went to war with congress on Thursday as lawmakers warned he could be prosecuted for contempt if he does not appear next week for a hearing about drug prices.

One of Shkreli’s lawyers informed the US House Committee on Oversight and Government Reform of his intent not to answer questions and asked that he be excused from appearing, committee chairman Jason Chaffetz wrote in the letter.

Decided to remain silent clashes with Shrekli’s contact use of social media, specifically Twitter and livestream video.

Shkreli was subpoenaed by the Oversight Committee to discuss his decision to raise the cost of live-saving drug Daraprim by 5,000% while serving as the CEO at Turing Pharmaceuticals.

Shkreli said he would invoke his Fifth Amendment right against self-incrimination. On Twitter, he told followers it was “disgusting and insulting” for lawmakers to try to subvert that right.

There are two options for Shkreli on Tuesday. First, he can appear in court and invoke his right or second he can stay in New York and be held in contempt of court, which would automatically set off a criminal prosecution.

The 30 Most Useful Business Apps in 2020

Shkreli resigned as chief executive officer of Turing last month after his arrest on the fraud charges.

Fights over congressional testimony are common as executives attempt to avoid saying or revealing anything that could later be used against them in a criminal trial.

It was unclear on Thursday whether Shkreli would make the trip to Washington to invoke his 5th amendment rights.

Written by Peter Mondrose

Peter Mondrose

Peter Mondrose is the Editor-In-Chief at BusinessPundit. He received his degree in Economics in 1998 and a second degree in Journalism in 2004. He has served as a financial adviser, market trader, and freelance journalist for the last 11 years. When he's not investigating market conditions and reporting on workplace news, he can be found traveling with his wife, dog, and laptop. He can be reached at