Parker Petit sentenced to one year in prison, $1 million fine

Parker “Pete” Petit, the once high-flying Atlanta entrepreneur, was sentenced Tuesday to a year in federal prison and ordered to pay a $1 million fine for committing securities fraud at the Marietta-based biotech company he once led.

Petit, 81, ran MiMedx Group until 2018, when he was forced out because of financial improprieties.

Petit was accused of masterminding a scheme aimed at inflating revenues at the company. He was convicted three months ago.

During a virtual sentencing hearing, U.S. District Judge Jed Rakoff said, “Mr. Petit did indeed intentionally, knowingly and willingly commit securities fraud. This is much less than I would have given, but for his health, age and good deeds.”

Read more: https://www.ajc.com/ajcjobs/parker-petit-sentenced-to-one-year-in-prison-1-million-fine/PYFVC7323VDALG4MFIDIPEB7R4/