Government lawyers agreed to dismiss three counts of criminal fraud against former Theranos CEO Elizabeth Holmes who was convicted last week on fraud and conspiracy charges tied to her failed blood-testing company, Theranos.
Holmes faced 11 separate federal fraud charges in a trial that kicked off in September 2021 and spanned 15 weeks. Her jury returned guilty verdicts on four charges, not guilty verdicts on four charges, andAnd while the jury’s decision to return no verdict on several counts opened the door for prosecutors to retry Holmes on those charges, Holmes’ lawyers and prosecutors indicated in a joint court filing on Tuesday that the government agreed to dismiss them.
“The parties agree that a sentencing hearing following Labor Day 2022 would be appropriate in light of ongoing proceedings in a related matter,” the filing stated. The ongoing proceeding refers to a trial pending against Holmes’ co-defendant, Each of the four counts on which Holmes was convicted carries a possible prison sentence of 20 years, along with a $250,000 fine and full restitution. Judges rarely impose consecutive, or stacked, prison terms on white-collar defendants like Holmes, though in theory she faces 80 years in prison on the four convictions.
The jury’s four guilty verdicts stemmed from three investments made by wire transfers in 2014: $38.3 million from experienced health care investor Brian Grossman; roughly $100 million by former U.S. Education Secretary; and $6 million by prominent estate lawyer Daniel Mosley, who was perhaps more influential than any other investor in steering wealthy clients to Theranos.
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