Elizabeth Holmes' sentencing trial is set for September 26, (CNN Business) Former CEO of Theranos, Elizabeth Holmes, convicted of 11 federal frauds and conspiracy earlier this month, will not be sentenced until September 26, according to a new report. ..
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| Elizabeth Holmes' sentencing trial is set for September 26 |
Prosecutors and lawyers proposed September 12 for a court decision on Tuesday, referring to Holmes' next trial: "Labor Day is 2022 in the light of ongoing work on related cases. It is appropriate thereafter. " A second man in Theranos faced the same guilt as him. In a court order signed Wednesday, Judge Edward De Villa, who presides over the Holmes case, ruled in late September. At that time, more than a year had passed since his trial began.
Until then, according to previous submissions to the prosecution and defense, Holmes will be released in exchange for $ 500,000 in title-backed bonds.
According to the complaint, Holmes faces a $ 250,000 fine and recovery of each count, in addition to up to 20 years in prison. Judge DeVila will refer to his decision guidelines and ultimately decide that Holmes' decision is appropriate.
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Holmes, 37, was indicted for the first time in more than three years in Ramesh "Sunny" Balwani, a former COO and head of his failed blood test startup who was also her ex-boyfriend. Their trial was suspended after Holmes indicated in a proceeding that he wanted to point his finger at Balwani, accusing him of mental and sexual abuse. Holmes testified when he confronted his defense. Al-Balwani has denied allegations of violations filed in court.
The Balwani trial, scheduled to begin this week, was first postponed due to the length of the Holmes trial (four months after negotiations) and then due to the epidemic of the omicron form of coronavirus. In another court filed Tuesday, the jury and defense of the Balwani trial proposed March 9 as the start date for the election. Alvarwani pleaded guilty.
Holmes, who started Theranos at the age of 19, claimed to have developed an innovative blood testing technique that could accurately and economically test different conditions using just a few drops of blood. Once considered the next Steve Jobs, Holmes attracted 945 million investors, drove startups to a 9 billion valuation, and in the process made him a paper millionaire. But his technique didn't fulfill that promise, and everything collapsed.
Seven days after the 50-hour jury trial, Holmes was convicted of four charges. This includes one plot to deceive investors and three frauds involving specific investors. The jury acquitted Holmes, three counts to deceive the patient and one count to deceive the patient.
There were three additional charges of cable fraud related to other investors as the judge failed to reach a unanimous agreement that Judge De Villa declared the trial false. The prosecution has indicated in its joint submission proposal that it intends to remove these three charges and will submit a formal proposal later this week.
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