Elizabeth Holmes sentencing delayed until September

BySusan Nash, Bay City News
Wednesday, January 12, 2022
Elizabeth Holmes sentencing delayed until September
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The sentencing of Elizabeth Holmes on four counts of criminal wire fraud will be delayed until Sept. 26.

SAN JOSE, Calif. -- The sentencing of Elizabeth Holmes on four counts of criminal wire fraud will be delayed until Sept. 26 based on a stipulation between the prosecution and the defense and an order signed by U.S. District Judge Edward Davila on Wednesday.

Holmes, founder and former CEO of Theranos, was convicted by a jury earlier this month of three counts of defrauding investors about the company's blood-testing technology and one count of conspiracy to commit wire fraud against investors.

Holmes faces up to 20 years in prison and a $250,000 fine on each count, although under federal sentencing guidelines any prison terms would likely run concurrently, not consecutively.

RELATED: 'Can't fraud it until you make it': Bay Area experts weigh in on Elizabeth Holmes conviction

The trial of Holmes's business partner, former lover and alleged co-conspirator, Ramesh "Sunny" Balwani, was recently delayed out of concerns over the COVID-19 surge in California. The prosecution and defense in that case have asked for jury selection to start on March 9, 2022.

The stipulation filed in the Holmes case cited "ongoing proceedings in a related matter," meaning the Balwani trial, as a basis for putting off her sentencing until after Labor Day.

RELATED: Jury finds Elizabeth Holmes guilty of fraud, conspiracy at her former blood-testing startup Theranos

The jury acquitted Holmes three counts of wire fraud against patients, as well as a patient-related conspiracy wire fraud count.

The jury was unable to reach a verdict on three remaining counts of wire fraud against investors. The stipulation states that the government intends to dismiss those counts by the end of the week.

RELATED: Elizabeth Holmes accuses ex-boyfriend and Theranos COO Sunny Balwani of rape, coercion

Holmes will remain free on a $500,000 bond pending sentencing, although the parties agreed in the stipulation to modify her bail conditions to secure the bond by property.

Judge Davila also gave Holmes's defense team until March 4 to file typical post-trial motions for a new trial and other relief. Those motions are scheduled to be heard on June 16.