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Former Theranos CEO Elizabeth Holmes Could Face a Possible 20 Year Prison Term for Fraud on November 18th

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Fortune Global Forum 2015

Elizabeth Holmes will be sentenced on  Friday, November 18th in the same San Jose, California, courtroom where she was found guilty on four counts of investor fraud and conspiracy in January.

Holmes used the influence of a powerful Theranos board, which included former U.S. James Mattis, the defense secretary, who gave a witness account during her prosecution, and two former U.S. Henry Kissinger and the late George Shultz were secretaries of state; in a statement that his son submitted, he slammed Holmes for having devised a strategy that “played Shultz like the fool.”

The 38-year-old Holmes will be the center of attention as District Judge Edward Davila considers the federal government’s suggestion to sentence her to 15 years in federal prison. That’s a little less than the 20-year maximum term she may receive, but much longer than her defense team’s proposal to keep her detention to a maximum of 18 months, ideally spent in home confinement. Her attorneys have argued that Holmes should be given a pass because she is a devout mother and well-intentioned businesswoman with a second kid on the way.

 

Elizabeth Holmes and her accomplice Sunny Bulwani

The former entrepreneur’s second pregnancy in two years could influence Davila’s decision-making and Holmes’ reporting date for a probable prison sentence. Holmes became pregnant at some point while out on bail this year, after giving birth to a boy just before the commencement of her trial last year.

Who are the Theranos investors who were defrauded by Elizabeth Holmes?

Holmes should  pay $804 million in reparations, according to the prosecution. The sum pays for the majority of the almost $1 billion that Holmes obtained from a group of affluent backers that included the Walmart-owning Walton family, media mogul Rupert Murdoch, software tycoon Larry Ellison, and software entrepreneur.

Assistant U.S. Attorney Robert S. Leach wrote in a 46-page brief filed Friday, “She repeatedly chose lies, hype and the prospect of billions of dollars over patient safety and fair dealing with investors,” “Elizabeth Holmes’ crimes were not failing, they were lying — lying in the most serious context, where everyone needed her to tell the truth.”

The culmination of a saga was premiered in an HBO documentary and an award-winning Hulu TV series about Holmes’ meteoric rise and humiliating fall.

Elizabeth Holmes wrote notes comparing herself to Steve Jobs as Theranos began to collapse

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