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posted by martyb on Friday January 14 2022, @10:00PM   Printer-friendly
from the to-be-determined dept.

Holmes to face maximum of 80 years in prison when she’s sentenced in September:

While she is likely to receive prison time for defrauding investors, she will be able to spend the next eight and a half months out on bail. She faces a maximum sentence of 20 years in prison for each of the four counts she was convicted of, though it’s unlikely that she’ll be sentenced to all 80 years.

Holmes has been out on bail since June 2018, when she and alleged co-conspirator Ramesh “Sunny” Balwani were charged. Both were released after posting $500,000 bonds and surrendering their passports. Now that Holmes has been convicted and is awaiting sentencing, her bond will have to be secured by property. Their trials have been repeatedly pushed back, first because of the COVID pandemic and then later because Holmes gave birth.

Part of the reason Holmes’ sentencing has been postponed is because the government still has to prosecute its case against Balwani.

2022/01/04 - Elizabeth Holmes Found Guilty on 4 of 11 Charges
2020/09/13 - Judge in Theranos Fraud Case Orders 14-Hour Psychological Test for Holmes
2019/07/01 - Theranos Founder Elizabeth Holmes to Face Trial Next Year on Fraud Charges
2018/09/06 - Theranos to Dissolve in a Pool of Blood
2018/06/17 - Elizabeth Holmes Steps Down as Theranos CEO as DoJ Levels Charges
2018/03/15 - Blood Unicorn Fairy Tale: Theranos Founder Charged With Fraud
2017/12/24 - Theranos Given Indirect Lifeline From Softbank
2016/10/06 - Theranos Lays Off 340, Closes Labs and "Wellness Centers"
2016/08/03 - Theranos Introduces New Product to Distract from Scandal

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  • (Score: 1, Informative) by Anonymous Coward on Saturday January 15 2022, @08:30AM (3 children)

    by Anonymous Coward on Saturday January 15 2022, @08:30AM (#1212885)

    Your random person off the street isn't even allowed to invest in hedge funds directly or even indirectly. Additionally, their managed 401-Ks (and IRAs) cannot invest in startups and this sort of private equity without losing their protection unless they jump through all sorts of hoops, which means that they don't because the red tape isn't worth it. None of the people getting burned by this are what people would consider "average Joes."

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  • (Score: 2) by martyb on Sunday January 16 2022, @02:06AM (2 children)

    by martyb (76) Subscriber Badge on Sunday January 16 2022, @02:06AM (#1213055) Journal

    See my other commet [].

    Wit is intellect, dancing.
    • (Score: 1, Interesting) by Anonymous Coward on Sunday January 16 2022, @08:17AM (1 child)

      by Anonymous Coward on Sunday January 16 2022, @08:17AM (#1213086)

      You know I had a thought. About how long ago did you work in financial services? Because if it were in the neighborhood of 30 to maybe 20 years ago, your experience might line up with what you thought was going on. Defined-benefit plans have no restrictions imposed by the beneficiary class (because the money being invested isn't theirs yet, it is the plan's). There were also slightly different rules for how plans could invest if it had mixed funds.

      • (Score: -1, Troll) by Anonymous Coward on Sunday January 16 2022, @10:50AM

        by Anonymous Coward on Sunday January 16 2022, @10:50AM (#1213096)

        Or maybe he's a dipshit.