Ex-Biotech CFO Avoids Prison For Hornswoggling Auditor

Law360, New York (February 2, 2018, 3:14 PM EST) -- A Manhattan federal judge on Friday declined to put former Osiris Therapeutics Inc. Chief Financial Officer Philip Jacoby behind bars for duping auditor BDO USA LLP into allowing $1.1 million of fake revenue to be booked for the Maryland biotech research company, but the 66-year-old Baltimore man was hit with a $10,000 fine.

U.S. District Judge Denise L. Cote cited Jacoby's poor health and the fact that his lawbreaking was a single event in a long career in sparing him a prison sentence. In a Jan. 26 letter, prosecutors suggested that a sentence of between four and 10 months was warranted....

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