Elizabeth Holmes, founder of Silicon Valley start-up, has been convicted of fraud this month and will be sentenced in September. 26, according to the court filing on Wednesday.
Ms. Holmes, who pleaded guilty to three counts of wire fraud and one count of wire fraud conspiracy, faces up to 20 years in prison for each count. She is expected to appeal the ruling, and the court ordered that any “post-trial motion” be filed by March 4.
The time before sentencing will allow the plaintiffs to conduct a trial against Mrs. Holmes’s alleged accomplice, Ramesh Balwani, said in a previous court filing. Mr. Balwani, also known as Sunny, was the chief executive officer of Theranos, the start-up Ms. Holmes was founded in 2003 and she claims that state-of-the-art blood tests will revolutionize healthcare. Blood tests eventually did not work as advertised.
The U.S. government also said in a filing Tuesday that Ms. Holmes then failed to reach a verdict on him.
Ms. Holmes, 37, was convicted of lying to investors about Theranos’ abilities so she could raise money for the company. She was acquitted by judges on four counts of fraud involving patients taking blood tests in Theranos. They deadlocked three additional calculations regarding investment in the company.
Her trial, which began in September, turned out to be a high-profile spectacle that was seen as a referendum on Silicon Valley hype and the culture of Chatzpah.
Judge Edward J. DeVilla, who is overseeing the federal case in the Northern District of California, has considerable discretion in sentencing. Holmes. Her beliefs were linked to more than $ 140 million in investments in Theranos, and the high dollar amount could be a factor in her sentence, as the verdict sends others to Silicon Valley.
Judge DeVilla is also overseeing Shree’s trial. Balwani, whom Ms. Holmes on similar charges in 2018. The couple, who were business and romantic partners, filed their case against Ms. Holmes accused Mr. Strengthening of emotional and sexual abuse. He pleaded not guilty to fraud and denied any wrongdoing.
Mr. Balwani’s trial has been delayed due to an increase in coronavirus cases in the Gulf region where the case is being heard. The jury’s selection is set to begin on March 9.
Until September, Ms. Holmes remains free on a સુરક્ષિત 500,000 bond secured by the property. During the trial, she lived with her partner, Billy Evans, and their baby son on a 74-acre estate in Woodside, California.