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Elizabeth Holmes, founder of Silicon Valley start-up convicted of fraud He will be sentenced on September 26 this month, according to a court filing Wednesday.
Convicted of three counts of electronic fraud and one count of electronic fraud, Ms. Holmes faces a maximum prison sentence of 20 years each. He is expected to appeal the decision, and the court has ordered that any “post-trial motion” be submitted by March 4.
The time until sentencing will allow prosecutors to file a case against Ms. Holmes’ alleged accomplice. Ramesh Balwani, said an earlier court file. Mr. Balwani, also known as Sunny, was the company’s chief operating officer. theranosThe initiative that Ms. Holmes founded in 2003, which she claims will revolutionize healthcare with highly advanced blood tests. The blood tests ultimately did not work as advertised.
The US government also said on Tuesday it would dismiss three fraud charges against Ms. Holmes after the jury failed to reach a verdict.
Ms. Holmes, 37, was found guilty of lying to investors about Theranos’ capabilities in order to raise money for the company. Jurors acquitted him of four fraud charges involving patients who had Theranos’ blood tests done. They got stuck on three additional counts regarding investments in the company.
his trial, which started in SeptemberIt became a high-profile spectacle. A referendum on the culture of Silicon Valley hype and chutzpah.
Judge Edward J. Davila, who hears the federal case in the Northern District of California, has considerable discretion in sentencing Ms. Holmes. Their convictions were tied to more than $140 million in investment in Theranos, and the high dollar amount may have been a factor in his conviction, as is the message the decision sends to others in Silicon Valley.
Judge Davila is also overseeing the trial of Mr. Balwani, who was charged with the same charges as Ms. Holmes in 2018. Business and romantic partners, the couple sues Mrs. Holmes for emotional and sexual abuse of Mr. Balwani. He pleaded not guilty to fraud and denied misconduct charges.
Mr. Balwani’s trial has been delayed due to rising coronavirus cases in the Bay Area where the case is being held. Jury selection will begin on March 9.
By September, Ms. Holmes is free on a $500,000 bond secured by the estate. During the trial, he reportedly He lived with his partner Billy Evans and their infant son on a 74-acre estate in Woodside, California, a wealthy Silicon Valley town.
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