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.
Previously:
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
(Score: 0) by Anonymous Coward on Saturday January 15 2022, @09:04PM (1 child)
Accredited investors are supposed to know when something is up. That is why there is such a process. She was the only person that "defrauded" them? Her underlings are all free and OK?
They're just throwing the book at her because she is a woman. Balwani is still living large. He is going to stick her with the blame, I guarantee it.
(Score: 0) by Anonymous Coward on Sunday January 16 2022, @02:13PM
Meanwhile, in the actual legal system, women are less likely to be charged, less likely to be convicted even in the same circumstances, and receive lighter sentences when they are convicted.
"Out on bail" is not the same as "living large." She got tried first, that's all. His day in court is next. Do you know why he is being tried second? Because Elizabeth Holmes accused him of sexual abuse, which caused the judge to decide they had to be tried separately. The prosecution wanted to try them together. (I have no knowledge of whether or not the sexual abuse actually happened, but the accusation was only raised during and formed a part of her defense strategy, making it much less credible than the average similar accusation).
But yes, by all means, let's blame the prosecution for the defense tactics.