Theranos founder Elizabeth Holmes’ sentencing hearing set for September
With her sentencing hearing officially set for September, disgraced Theranos founder Elizabeth Holmes will get to enjoy another summer at home as a free woman.
Once hailed as a tech wunderkind, 37-year-old Holmes was convicted in federal court earlier this month on one count of conspiracy to defraud investors and three counts of wire fraud and conspiracy, though jurors could not reach a verdict on the remaining three charges against her. After weeks of deliberation, they determined she was guilty of bilking investors out of millions by claiming her new technology, a test nicknamed Edison, could distribute a wide range of tests with just a drop of blood.
She is facing up to 20 years in prison as well as a fine of $250,000 plus restitution for each count.
In court documents filed late Tuesday, prosecutors said they would drop the remaining charges against Holmes and proposed Sept. 12 as the date for her sentencing.
Judge Edward Davila on Wednesday opted to schedule the hearing for Sept. 26 instead, NPR reported. In the meantime, the former Silicon Valley superstar will remain free on a $500,000 bond secured by property.
Theranos’ former COO, Ramesh “Sunny” Balwani was indicted alongside Holmes’ on identical charges in June 2018. He has since pleaded not guilty, with his trial set to start next month.
