Disgraced Theranos founder Elizabeth Holmes is more likely to face sentencing in September following her conviction for defrauding traders.
Holmes’ sentencing proceedings are scheduled for Sept. 12, in accordance with a court docket submitting Tuesday.
Prosecutors and Holmes’ attorneys reached an settlement to delay her sentencing till after Labor Day “in mild of ongoing proceedings in a associated matter,” the submitting mentioned, in accordance with CNBC.
That refers back to the upcoming trial on fraud prices towards Ramesh “Sunny” Balwani, Holmes’ ex-boyfriend and the previous Theranos president.
The presiding decide, nonetheless, has closing approval over the sentencing timeline.
Within the meantime, Holmes is free on $500,000 bond secured by property.
The submitting famous that prosecutors have agreed to drop three fraud prices towards Holmes after the jury in her trial was unable to achieve a consensus.
Holmes, 37, was discovered responsible earlier this month on three counts of wire fraud and one depend of conspiracy to commit fraud. Jurors decided the Theranos fraudster intentionally misled traders concerning the medical tech startup’s enterprise and the effectiveness of its blood-testing machine.
Every depend of fraud carries a possible sentence of as much as 20 years in jail. Nevertheless, the costs will be served concurrently and Holmes shouldn't be anticipated to obtain a most sentence.
Holmes’ conviction concluded a shocking downfall. Theranos as soon as drew a $9 billion valuation after attracting investments from an array of high-profile figures, and Forbes recognized Holmes because the world’s youngest feminine billionaire in 2015.
The medical startup imploded after a collection of damning information stories confirmed its blood-testing gadget couldn't carry out lots of the capabilities that Theranos claimed.
Final week, one of many jurors from Holmes’ trial mentioned paperwork supplied to traders that contained false info have been the “smoking gun” that led to her conviction.
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