Unrepentant Ex-MiMedx CEO Gets 1 Year For Revenue Fraud

Law360, New York (February 23, 2021, 6:00 PM EST) -- A Manhattan federal judge sentenced former MiMedx Group Inc. CEO Parker "Pete" Petit to a year in prison Tuesday for inflating the publicly traded biologics company's earnings, saying a jury rightly convicted him of fraud despite his denials of guilt.

At a video hearing, U.S. District Judge Jed S. Rakoff also hit the 81-year-old businessman from Georgia with a $1 million fine and ordered him to surrender to custody on Sept. 21 — setting a later date than usual in hopes that by then the risk to inmates of COVID-19 will be lessened by vaccines.

"Mr. Petit still denies his guilt....

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