Former Theranos CEO Elizabeth Holmes is due to be sentenced on September 26: NPR

Elizabeth Holmes, center, is leaving federal court on Jan. 3 following her verdict in San Jose, California. A judge on Wednesday set her sentencing date to Sept. 26 following her conviction for fraud.

Nic Coury / AP


hide caption

change caption

Nic Coury / AP


Elizabeth Holmes, center, is leaving federal court on Jan. 3 following her verdict in San Jose, California. A judge on Wednesday set her sentencing date to Sept. 26 following her conviction for fraud.

Nic Coury / AP

The former CEO of Theranos, Elizabeth Holmes, will be sentenced in late September, according to the verdict an order from the federal judge overseeing her case.

U.S. District Judge Edward Davila set September 26 as the day the former Silicon Valley superstar will be punished after a jury on January 3 convicted her of four fraud-related charges in connection with the collapse of her former blood test company, Theranos.

The maximum possible sentence 37-year-old Holmes faces is 20 years in federal prison, depending on how judges typically convict defendants in similar cases. But legal experts say Davila is likely to impose a far less severe sentence. Still, given the scale of the scam, in the hundreds of millions of dollars, experts say the long jail time for Holmes would not be surprising.

Holmes will remain at large for the eight months leading up to his sentencing of a $ 500,000 bail secured by property. She is reportedly lives on a $ 135 million Silicon Valley estate with his partner, Billy Evans, who is the son of San Diego hotel magnate Bill Evans. Holmes and the younger Evans recently had a little son together.

In March, Ramesh “Sunny” Balwani, No. 2 with Theranos and Holmes’ ex-girlfriend, will stand trial for fraud in the same courthouse in San Jose, California, where a jury convicted Holmes. While Davila will also preside over Balwani’s trial, another jury will ultimately decide Balwani’s fate, which has pleaded not guilty.

During a nearly four-month-long trial, prosecutors called 29 witnesses to present the case that Holmes deliberately deceived investors and patients by lying about the ability of Theranos’ blood test technology and making misleading statements about its business partnerships and economic prospects.

The jury, after seven days of deliberations, handed down a mixed verdict acquitting Holmes of four matters related to patient fraud, stabbing three cases of investor fraud, but found her guilty of four charges related to her investor fraud.

A jury member told ABC News that the panel cleared her of patient fraud because she was “one step removed” from patients receiving fake or defective Theranos blood samples. The jury also said that when Holmes took a stand for seven days, her testimony did not seem credible.

Holmes’ dramatic fall from grace has inspired a coming Hulu series and one feature films is underway.

The collapse of Theranos, which was officially dissolved in 2018 amid controversy, has also sparked debate among Silicon Valley startups and venture capitalists about whether the industry’s culture, which tends to encourage hype, exaggeration and conspicuous evaluations, enabled the company’s progress .

Investors, mostly outside Silicon Valley, poured about $ 945 million into Theranos, which in 2014 was estimated to be worth $ 9 billion, or at the time more valuable than companies like Uber, Spotify and Airbnb.

Follow us on Google News

Disclaimers for mcutimes.com

All the information on this website – https://mcutimes.com – is published in good faith and for general information purposes only. mcutimes.com does not make any warranties about the completeness, reliability, and accuracy of this information. Any action you take upon the information you find on this website (mcutimes.com), is strictly at your own risk. mcutimes.com will not be liable for any losses and/or damages in connection with the use of our website.

Give a Comment