On the morning of January 12, Beijing time, according to reports,Former Theranos CEO Elizabeth Holmes, who was convicted last week on federal fraud charges in the United States, will be placed under a $500,000 property bond and will be released on Sept. 12, according to court documents filed Tuesday night. A sentencing hearing will be held on the case.
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Court documents also show that the U.S. government will drop counts 3, 4 and 5 of the indictment, on which the jury is deadlocked.
The three dropped charges relate to investors Alan Eisenman, Black Diamond Ventures’ Chris Lucas and Hall Group’s Bryan Tolbert . All three investors testified that Holmes misled them about matters related to her blood-testing company.
In total, Theranos has raised more than $945 million from investors.
“The parties agree that it would be appropriate to hold a sentencing hearing after Labor Day 2022 given that the matter is in litigation,” according to the proposed filing by lawyers for the government and Holmes.
The proceedings they said were referring to pending fraud charges against former Theranos president Ramesh Balwani, the then top executive and Holmes’ boyfriend.
Court documents also set a timetable for both parties to file post-trial motions. U.S. District Judge Edward Davila needs to approve the joint motion.
After more than 50 hours of deliberation, Holmes was found guilty of three counts of wire fraud and one count of conspiracy to defraud investors in connection with defrauding investors. A jury of eight men and four women found her not guilty on four counts related to deceiving patients. The jury failed to reach a unanimous verdict on three counts related to the investor.
Balwani, who has pleaded not guilty, faces the same charges in a separate trial that was delayed until March due to a surge in Covid-19 cases.
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