Coronavirus us man who stockpiled hand sanitiser probed for price gouging

A timely and relevant news article!

Here's a summary:

A man in the United States has been investigated by authorities for allegedly price gouging hand sanitizer during the COVID-19 pandemic. The individual, who has not been named, was accused of buying large quantities of hand sanitizer and then reselling it at inflated prices online.

According to reports, the man purchased the hand sanitizer at a wholesale price of around $1 per bottle and then sold it online for as much as $20 per bottle. This is a markup of over 1,900%!

The investigation was launched by the Federal Trade Commission (FTC) and the Attorney General's office in the state of New York. The authorities are seeking to determine whether the man's actions violated federal and state laws prohibiting price gouging.

Price gouging is the practice of increasing the price of a good or service during an emergency or crisis, taking advantage of consumers who are desperate for the item. It is illegal in many states, including New York, and can result in fines and other penalties.

This incident highlights the importance of ethical business practices, especially during times of crisis. It also underscores the need for consumers to be vigilant and report any suspected price gouging to the authorities.

In related news, many online retailers and marketplaces have implemented measures to prevent price gouging during the pandemic, including monitoring prices and removing listings that appear to be inflated.