Last week, Elizabeth Holmes, the chief executive officer of Theranos, was convicted of four counts of federal fraud. On Tuesday night, a court filing proposed terms of sentencing. The filing said that she would be placed under a $500,000 bond, which would be secured by property. She will be sentenced on September 12, according to a report by CNBC.
The proposed stipulation that was filed by both by the government as well as by the attorneys for Elizabeth Holmes stated that the parties had agreed that the sentencing hearing would take place following Labor Day this year. They considered this appropriate as there were “ongoing proceedings in a related matter.”
This related matter refers to fraud charges that are pending against former Theranos president Ramesh “Sunny” Balwani. Balwani was a top executive at Theranos and was also Holmes’ boyfriend at that time.
The court filing has also set a timeline within which both sides can file post-trial motions. The joint motion has to be approved by U.S. District Court Judge Edward Davila.
The outlet also reported that the government would dismiss counts 3, 4 and 5 of the indictment. The jury, which had deliberated for roughly 50 hours, had been deadlocked on these counts. The jury had found her guilty of three counts of wire fraud and one count of conspiracy to commit wire fraud relating to lying to investors.
The dropped counts were related to investors who testified that they were misled about Theranos by Elizabeth Holmes. Investors Alan Eisenman and Chris Lucas from Black Diamond Ventures as well as Bryan Tolbert from Hall Group testified against Elizabeth Holmes. They accused her of misleading them about her blood testing company. The jury was unable to convict the chief executive officer on these charges. Theranos had raised more than $945 million from investors, many of whom belonged to high profile families or were celebrities, sportspersons as well as retired government officials.