What’s next for Elizabeth Holmes?

After the jury members were discharged, Holmes, wearing a mask and seemingly numb, walked down the line of her supporters in the courtroom in San Jose. She gave each one a hug, starting with her partner Billy Evans, then her mother, father and friends, and embracing each other by placing one arm over her shoulder and holding a pen in her hand.

With that, Holmes, 37, began the next chapter in her life when the rare Silicon Valley founder tried for, and convicted of, fraud. Once Holmes was hailed as the next Steve Jobs for his ambitious promise to build technology that can test a wide range of relationships with just a few drops of blood, Holmes now faces the possibility of years in prison.

Here is what happens next for Holmes and her high-profile trial, which lasted for almost four months.

The charges Holmes was found guilty of include one count of conspiracy to defraud investors, as well as three wire fraud counts related to specific investors. But the jury also ruled that Holmes was not guilty of three more counts of patient fraud and a conspiracy to deceive patients ̵[ads1]1; part of the government’s case that it spent relatively little time setting up in relation to the investor case.

The jury did not rule on three counts of federal fraud related to other investors – each of which had invested in Theranos in the early days and then again later, with their subsequent investments making up the counts in question.

The court indicated in an archive on Tuesday that it had declared an error court case for the three points the jury members could not agree on. The prosecution will then decide whether it intends to try Holmes again on these charges – something legal experts indicated they will almost certainly drop at this point given the guilty verdict returned on four counts. Once it has been decided, the conversation will move on to Holmes’ sentencing.


According to the indictment, Holmes risks up to 20 years in prison for each indictment, which will probably run at the same time. But that does not mean she gets the maximum penalty, or close to it. The judge will ultimately make the decision as he sees fit, with reference to the sentencing guidelines.

“The judge is not bound by the resulting sentencing area, but it is likely to affect the parties’ arguments in sentencing,” said Miriam Baer, ​​a professor at Brooklyn Law School, who said a number of factors play into Holme’s potential punishment. which will be decided by Judge Edward Davila.

Shan Wu, a criminal defense attorney and former federal prosecutor, said he would expect any jail term to be at the lower end “primarily” because of Holmes’ “lack of criminal history.” But he said that the dollar amount for the losses related to the allegations of wire fraud is significant, and will take into account the sentencing.

The possibility of appeal

Although the defense has not submitted a notice of an appeal, legal experts say it is likely on the horizon, which could potentially affect how soon Holmes’s time zone if she is sentenced to prison.

According to George Demos, a former Securities and Exchange Commission prosecutor and adjunct law professor at the UC Davis School of Law, questions that the defense may raise as a basis for appeal may include “incorrect jury instructions or inappropriate court evidence,” for example.

While an appeal may delay the outcome, Keri Axel, a Waymaker lawyer and former federal prosecutor, noted that “criminal convictions are rarely overturned, and the fact that the jury shared the verdict will underscore how carefully it did its job.”

Free on bond

Holmes was not remanded in custody after the verdict and remains free on probation.

In the discussion of cases after the verdict, prosecutor Jeffrey Schenk indicated that the government wants to convert the condition of Holmes’ release to a secure bond. That means she has to post something of value – “either in the form of real estate or cash, if available,” Schenk said – so that if she does not appear in court for future trials, it could be seized.

A target date was set for January 12 for processing the case.

When she left the courthouse around 5.30 pm local time on Monday, Holmes was bombarded with cameras and reporters. Holmes left when she came in most days, hand in hand with her mother and partner Billy Evans, who also teamed up with Holmes’ father and a friend, forming a human chain.

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