Elizabeth Holmes to be sentenced nine months after guilty verdict | Theranos

Elizabeth Holmes is due to be sentenced on September 26 after being found guilty of defrauding Theranos investors, according to a court filing on Wednesday.

A California jury found Holmes, 37, guilty of four of 11 counts, including three counts of fraud and one count of conspiracy to defraud private investors into starting a blood test. She’s still free on the $500,000 bond while awaiting sentencing.

Holmes faces up to 20 years in prison on the charges, but she will likely receive a much smaller number, according to experts, given her lack of a criminal history.

The sentencing of Holmes was later set in 2022 to allow the trial of Sunny Balwani, her former personal and professional partner whose trial on related fraud charges will begin in March.

Holmes alleged during her trial that she was abused by Balwani, who served for 10 years as co-chair of the company. Al-Balwani vehemently denied the allegations of mistreatment of Holmes.

Holmes rose to fame and power while claiming that her Theranos could perform common blood tests on a few finger prick drops. Once it was valued at $9 billion, the company collapsed after the Wall Street Journal published a series of articles that suggested its hardware was defective and inaccurate.

The Fall of Elizabeth Holmes: How the Trial of the Century in Silicon Valley Unfolded - VIDEO
The Fall of Elizabeth Holmes: How the Trial of the Century in Silicon Valley Unfolded – VIDEO

Holmes was acquitted of three charges, including one conspiracy to defraud patients and two charges involving patients who received inaccurate test results. One count was dropped earlier in the trial and the jury did not reach a verdict on the remaining three counts.

In a separate court filing, government lawyers said they intended to dismiss the three charges, on which the jury did not reach a verdict.

Holmes plans to ask the judge overseeing her case to overturn her convictions, according to court filings. If he doesn’t, she will likely appeal and can seek a suspension of her sentence until a final judgment is issued.

Her condemnation stamped the company’s extraordinary rise and fall and could have wide-ranging consequences for the tech industry.

It also served as an indictment of the hype machine that helped Rocket Holmes to fame, hitting the covers of major magazines and major conferences and drawing comparisons to Apple’s Steve Jobs.

During the trial in San Jose, she was reported to have lived on a 74-acre estate in a town adjacent to the city with her partner, Billy Evans, and their infant son.

Reuters contributed to this report.

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