MiMedx Not A Victim, Can't Get $40M Restitution In Fraud Suit

Law360 (May 24, 2021, 8:32 PM EDT) -- MiMedx Group Inc. can't get $40 million in restitution from two former executives who were convicted of a scheme to dupe the company's investors, a New York federal judge ruled Sunday, finding that the biologics company isn't a victim under the statute in question.

U.S. District Judge Jed S. Rakoff found that MiMedx's former President William Taylor and former CEO Parker "Pete" Petit executed their criminal actions within the scope of their employment, and with the intention of benefiting the company. While the two men were motivated by personal gain, the direct and proximate impact of their actions was to boost...

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