He suggested sentencing Elizabeth Holmes in September

Theranos Corporation Elizabeth Holmes, center, and her family leave the Robert F. Beckham Federal Building and United States Court after a jury indicted her on four counts in San Jose, California, Monday, Jan. 3, 2022.

Dai Sugano | Media News Group | Getty Images

Elizabeth Holmes, the former CEO of Theranos, who was indicted on federal fraud charges last week, will be placed on a $500,000 property bond and sentenced on September 12 under the proposed terms in a court filing Tuesday night.

The court file also said the government would drop counts 3, 4 and 5 from the indictment in which the jury is deadlocked.

The three charges that were dropped relate to investors Alan Eisenman and Chris Lucas of Black Diamond Ventures and Brian Tolbert of Hall Group. All three investors testified that Holmes misled them about her blood-testing company.

Theranos has raised more than $945 million from investors over its lifetime.

The proposed clause, submitted by the government and Holmes’ attorneys, said, “The parties agree that a sentencing hearing after Labor Day 2022 will be appropriate in light of the ongoing proceedings in a relevant matter.”

This refers to pending fraud charges against the former president of Theranos and Ramesh Palwani, Ramesh “Sunny”, her CEO and boyfriend at the time.

The court file also sets a timetable for both sides to file petitions after the trial. US District Judge Edward Davila will need to agree to the joint proposal.

After more than 50 hours of deliberation, Holmes was found guilty of three counts of electronic fraud and one count of conspiracy to commit internet fraud related to lying to investors. The jury of eight men and four women found her not guilty on four counts of lying to patients. The jury was unable to reach a unanimous verdict on three investor counts.

Al-Balwani, who has pleaded not guilty, is facing the same charges in a separate trial that was postponed until March due to the surge in Covid.

Source link

Denial of responsibility! WebSalesPromotion.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email –
info@websalespromotion.com. The content will be deleted within 24 hours.
Andrew Naughtie

News reporter and author at @websalespromo