The embarrassed Theranos founder Elizabeth Holmes could be convicted in September on charges of defrauding investors.
Holmes’ trial is set for Sept. 12, according to a court hearing Tuesday.
According to Acesparks, prosecutors and Holmes’ attorneys agreed to postpone his sentencing “after Labor Day” “given the ongoing litigation on the relevant issue.”
This points to the upcoming trial of Holmes ’ex-girlfriend and former president of Theranos, Ramesh“ Sunny ”Balvani, on fraud charges.
However, the presiding judge will finally approve the timing of the verdict.
Holmes is currently free of a $ 500,000 bond secured by the property.
The appeal states that prosecutors agreed to drop three fraud charges against Holmes because the jury in his trial failed to reach a consensus.
Holmes, 37, was convicted earlier this month of conspiracy to commit three counts of fraud and fraud. Members of the jury found that Theranos had deliberately misled the fraudster about the medical technology startup’s business and the efficiency of his blood test machine.
Any fraud can be punishable by up to 20 years in prison. However, the charges can be applied at the same time and Holmes is not expected to face the maximum penalty.
Holmes’ verdict ended in a devastating disaster. Once upon a time, Theranos was valued at $ 9 billion after attracting investment from a number of influential people, and Forbes in 2015 identified Holmes as the youngest woman billionaire in the world.
The medical startup exploded after a series of horrific news after its blood test device showed it could not perform the many functions that Theranos claimed.
Last week, a Holmes court judge told investors that documents containing false information were the “smoking weapon” that led to his trial.