Elizabeth Holmes, the founder of the Silicon Valley startup that was convicted of fraud this month, will be convicted on September 26, according to a lawsuit on Wednesday.
Ms. Holmes, who was found guilty of three counts of wire fraud and one count of conspiracy to commit wire fraud, risks a maximum sentence of 20 years in prison for each count. She is expected to appeal the verdict, and the court ordered that any “petitions after the trial” be submitted by March 4.
The length before the sentencing will allow the prosecution to handle a trial against Holme̵[ads1]7;s alleged accomplice, Ramesh Balwani, it is stated in an earlier trial. Mr. Balwani, also known as Sunny, was the CEO of Theranos, the startup as Ms. Holmes was founded in 2003 and which she claimed would revolutionize the health care system with very advanced blood tests. In the end, the blood tests did not work as advertised.
The US government also said in a submission on Tuesday that it would dismiss three of its fraud allegations against Holmes after a jury failed to reach a verdict against them.
Ms. Holmes, 37, was found guilty of lying to investors about Theranos’ abilities so she could raise money for the company. Jury members acquitted her of four fraud allegations related to patients who took Theranos’ blood samples. They stuck to three more issues related to investments in the company.
Her trial, which began in September, was a high-profile spectacle that was seen as a referendum on Silicon Valley culture with hype and chutzpah.
Judge Edward J. Davila, who oversees the federal case in California’s Northern District, has considerable discretion when it comes to sent Ms. Holmes. Her conviction was linked to more than $ 140 million in investments in Theranos, and the high dollar amount may be a factor in her sentencing, as may the message the verdict sends to others in Silicon Valley.
Judge Davila is also overseeing the trial of Balwani, who was indicted along with Holmes on identical charges in 2018. The couple, who were business partners and romantic partners, had their cases cut after Holmes accused Balwani of emotional and romantic partners. sexual abuse. He has pleaded not guilty to fraud and has denied the allegations of abuse.
Balwani’s trial has been delayed due to increasing coronavirus cases in the Bay Area, where the case is being processed. The jury election starts on March 9.
Until September, Ms. Holmes free on a $ 500,000 bond secured by real estate. During the trial, she reportedly lived on a 74-acre property in Woodside, California, a wealthy town in Silicon Valley, with her partner, Billy Evans, and their baby son.