The prosecution and the defense had proposed September 12 for a sentencing hearing in a court hearing on Tuesday, saying in the submission that “after Labor Day 2022 would be appropriate in light of ongoing procedures in a related case,” a reference to the upcoming trial against Holmes’ deputy commander at Theranos who faces the same charges as her. In a court ruling signed on Wednesday, Judge Edward Davila, who is leading Holmes’ case, set his sentencing until later in September. At that time, it will have been more than a whole year since her trial began.
According to the indictment, Holmes risks up to 20 years in prison and a fine of 250,000 dollars plus reparation for each point. Judge Davila will ultimately decide Holmes̵[ads1]7; sentencing as he sees fit, using sentencing guidelines as a reference.
Balwani’s trial, which was originally scheduled to begin this week, has been delayed, first due to the length of Holme’s trial – which lasted four months including deliberations – and then due to the spread of the Omicron variant of the coronavirus. In a separate hearing on Tuesday, the prosecution and the defense in Balwani’s trial have proposed March 9 as the date to begin the jury selection. Balwani has not pleaded guilty.
Holmes, who started Theranos at the age of 19, claimed to have developed revolutionary blood testing technology that could accurately and reasonably test for a variety of conditions with just a few drops of blood. Once seen as the next Steve Jobs, Holmes raised $ 945 million from investors, throwing her startup into a $ 9 billion valuation and making her a paper billionaire in the process. But her technology did not work as she claimed, and it all collapsed.
After 50 hours of jury deliberations spread over the course of seven days, Holmes was found guilty of four counts, including a count of conspiracy to defraud investors and three wire fraud counts related to specific investors. The jury acquitted Holmes of three counts of patient fraud and one count of conspiracy to defraud patients.
There were three additional points of fraud related to other investors about which jurors could not reach a unanimous agreement and for which Judge Davila declared a miscarriage of justice case. The prosecuting authority indicated in the proposed joint submission that it intends to waive these three conditions and plans to submit a formal proposal to do so by the end of this week.