Cleveland Clinic Innovations. Photo via Google Maps
Former Cleveland Clinic executive Gary Fingerhut faces several years in federal prison after pleading guilty to fraud on Tuesday,
Fingerhut, who was then director of Cleveland Clinic Innovations, the commercialization arm of the Cleveland Clinic, admitted to creating a scheme to swindle Cleveland Clinic of more than $2.7 million. He was hired by the Clinic in 2010 and fired in June 2015 after the FBI contacted the Clinic.
Fingerhut, who was charged in September, entered his plea on Tuesday by admitting to the charges in front of Magistrate Judge William Baughman.
The U.S. Attorney's Office had charged the 57-year-old Fingerhut with conspiracy to commit wire fraud and honest services wire fraud and making false statements to the FBI.
Fingerhut was charged in September. He admitted to the charges on Tuesday.
Federal prosecutors and Fingerhut agreed to ask for a sentence that is expected to be between three-and-a-half to four-and-a-quarter years in federal prison. Prosecutors are also likely to call for restitution of the total amount the Cleveland Clinic lost.
Fingerhut is slated for sentencing on Jan. 30. Meanwhile, he has surrendered his passport and was released on $20,000 bond.
Cleveland Clinic Innovations hosts the Medical Innovation Summit each year. The event brings more than 2,000 executives, thought leaders, investors and entrepreneurs to the event in Cleveland.