A Skokie, Illinois businessman has been convicted of inflating the prices of N95 masks during the initial stages of the COVID-19 pandemic. Krikor Topouzian, 62, was found guilty in a Chicago federal court following a bench trial. He faces a potential prison sentence of up to one year when he appears for sentencing on October 10th.
Topouzian, owner of a health supply company, reportedly acquired approximately 80,000 N95 masks between March and April of 2020. Prosecutors allege he purchased these masks for around $5 each and subsequently resold them at a significantly marked-up price of approximately $20 per mask. They further claim Topouzian boasted of earning substantial profits, reaching up to $80,000 daily and amassing $1 million within a few weeks.
At the time, N95 masks were designated as "scarce materials" under the Defense Production Act due to the pandemic's high demand. Topouzian's lawyer, Matt McQuaid, has indicated that his client intends to appeal the conviction. McQuaid stated that Topouzian maintains his innocence and asserts that he received substantial positive feedback from customers who were grateful for access to the masks.
Image: A stockpile of 3M N95 masks. (Cindy Ord/Getty Images for 3M)
