Thread by @ClaireMusk

Parker Petit's 1-Year Sentence as a Reflection of the Legal System (a thread)

Parker Petit's frauds/crimes harmed or destroyed many lives, were to the tune of millions, and caused $35 M in losses to $MDXG shareholders. But his sentence is only 1 year in jail and a $1 M fine. 1/6

https://twitter.com/grownupbullyh8r/status/1364324835346714629

If all goes well for Petit, he might even walk out of minimum security prison after only about 4 months (prisoners are typically eligible to apply for parole after serving 1/3 of sentence). He'll walk back to his life of a multi-millionaire. 2/6 ajc.com/ajcjobs/parker…

Now, here are some federal crimes that carry a mandatory minimum of at least 1 year imprisonment:
Forgery of notary seal
Bribery of meat inspectors
Falsely entering or destroying books or accounts of common carrier
Harboring illegal aliens for gain
3/6

Violating merchant marine act
Embezzlement, fraud, or false entries by banking officer
Possessing 28 g of crack w/ intent to distribute

The lesson: One set of rules for the plebes, another set of rules for the privileged. 4/6

Petit and his wife still own almost 5 M shares of $MDXG, worth about $45 M today. In 2016 alone, his total executive compensation was about $1.69 M. He made $2.1 M in 2015 and $3 M in 2014.

A $1 M fine is nothing more than a speed bump. 5/6
sec.gov/Archives/edgar…

Petit likely hired smart lawyers to squirrel away his wealth into trusts and family members. He will leave jail with a smirk and jump right back into a mansion. He might even bag a pardon.

Meanwhile, Joe Schmo who bribed meat inspectors will lose his job and get screwed. 6/6