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Saturday, January 22, 2022

Elizabeth Holmes is to be sentenced on September 26th.

Elizabeth Holmes, the Silicon Valley startup founder convicted this month of fraud, will be sentenced on September 26, according to a court filing filed on Wednesday.

Ms. Holmes, who was found guilty of three counts of wire fraud and one count of conspiracy to commit wire fraud, could be sentenced to 20 years in prison on each count. She is expected to appeal the verdict, and the court has ordered any “post-trial motions” to be filed by March 4.

The length of time until sentencing would allow prosecutors to pursue a trial against Ms Holmes’ alleged accomplice, Ramesh Balwani, according to an earlier court document. Mr. Balwani, also known as Sunny, was the chief operating officer of Theranos, a startup founded by Ms. Holmes in 2003 that she claimed would revolutionize healthcare with advanced blood testing. Ultimately, the blood tests did not work as advertised.

The US government also said in a statement Tuesday that it would drop three fraud charges against Ms Holmes after jurors failed to reach a verdict.

Ms Holmes, 37, was found guilty of lying to investors about Theranos’ ability to raise money for the company. The jury acquitted her of four fraud charges related to patients who gave Theranos blood tests. They hit a dead end on three more points related to investing in the company.

Her trial, which began in September, was a high-profile spectacle that was seen as a referendum on the culture of hype and insolence in Silicon Valley.

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Judge Edward J. Davila, who oversees the federal case for the Northern District of California, has considerable leeway in sentencing Ms. Holmes. Her convictions were related to an investment in Theranos worth more than $140 million, and the high dollar amount could have been a factor in her sentencing, as well as the message the conviction sends to others in Silicon Valley.

Judge Davila is also overseeing the trial of Mr Balwani, who was charged with identical charges along with Ms Holmes in 2018. The affairs of the couple, who were business and romantic partners, were separated after Ms Holmes accused Mr Balwani of emotional and emotional distress. sexual abuse. He pleaded not guilty to fraud and denied allegations of abuse.

Mr Balwani’s trial has been delayed due to a spike in coronavirus cases in the Bay Area where the case is being heard. Jury selection should begin on March 9th.

Until September, Ms. Holmes remains at large on a $500,000 bond secured by property. At the time of the trial, she was reportedly living on a 74-acre estate in Woodside, California, an affluent Silicon Valley city, with her partner Billy Evans and their young son.

World Nation News Deskhttps://www.worldnationnews.com
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