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CA, E Holmes & R Balwani (Theranos) June 2018 - Wire Fraud **MEDIA ONLY - NO DISCUSSION
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UK - Constance Marten & Mark Gordon charged, Newborn (found deceased), Bolton Greater Manchester, 5 Jan 2023 #7- Latest: Observant-ADHD-ENFP-BSc
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Elizabeth Holmes Today - News About the Theranos Founder's Indictment & Trial
HOLMES HAS BEEN CHARGED BY BOTH THE DEPARTMENT OF JUSTICE AND THE SECURITIES AND EXCHANGE COMMISSION.
In June of 2018, the DOJ charged Holmes and Theranos's former COO, Ramesh "Sunny" Balwani, with 11 criminal felony counts—and there could be more coming. Assistant U.S. Attorney John C. Bostic told Vanity Fair that the "story is bigger than what’s captured in the [original] indictment," and it "doesn’t capture all the criminal conduct."
The SEC also charged Holmes and Balwani with "raising more than $700 million from investors through an elaborate, years-long fraud." Holmes chose to settle for $500,000, and agreed not to serve as an officer or director of a public company for 10 years. Balwani opted to fight the charges in court; the trial has yet to take place.
THE TRIAL HAS YET TO TAKE PLACE.
A date has not yet been set for Holmes and Balwani's trial. Neither have publicly admitted to any wrongdoing, and both have pleaded not guilty. If convicted, they each face up to 20 years in prison.
Per ABC News, Holmes and Balwani are both expected to appear in a San Francisco court for a status hearing on April 22.
HOLMES HAS BEEN CHARGED BY BOTH THE DEPARTMENT OF JUSTICE AND THE SECURITIES AND EXCHANGE COMMISSION.
In June of 2018, the DOJ charged Holmes and Theranos's former COO, Ramesh "Sunny" Balwani, with 11 criminal felony counts—and there could be more coming. Assistant U.S. Attorney John C. Bostic told Vanity Fair that the "story is bigger than what’s captured in the [original] indictment," and it "doesn’t capture all the criminal conduct."
The SEC also charged Holmes and Balwani with "raising more than $700 million from investors through an elaborate, years-long fraud." Holmes chose to settle for $500,000, and agreed not to serve as an officer or director of a public company for 10 years. Balwani opted to fight the charges in court; the trial has yet to take place.
THE TRIAL HAS YET TO TAKE PLACE.
A date has not yet been set for Holmes and Balwani's trial. Neither have publicly admitted to any wrongdoing, and both have pleaded not guilty. If convicted, they each face up to 20 years in prison.
Per ABC News, Holmes and Balwani are both expected to appear in a San Francisco court for a status hearing on April 22.
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Here Are All Of Elizabeth Holmes' Criminal Charges
The long, winding, and often unbelievable journey of Holmes has been at the forefront of people’s minds as of late, particularly as her story has been made into a podcast, a documentary, and soon a feature film.
But while Theranos is no more, Elizabeth Holmes's fate still hangs in the balance. Below are her current criminal charges.
Charged with massive fraud
The SEC charged Holmes and former Theranos chief operating officer and president Ramesh “Sunny” Balwani in March 2018. According to the complaint, the pair stood accused of “raising more than $700 million from investors through an elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology, business, and financial performance.”
Indicted on nine counts of wire fraud
In June 2018, following a long investigation (which included a deposition by Holmes in 2017) by the U.S. Attorney's office in San Francisco, a federal jury indicted her, along with Balwani, on nine counts of wire fraud.
Specifically, these charges pertain to the allegation that Theranos defrauded its investors out of millions of dollars while also deceiving — and putting at risk — the lives of hundreds of patients and doctors.
Both Holmes and Balwani pleaded not guilty to these charges.
Indicted on conspiracy to commit wire fraud
Along with nine counts of wire fraud, Holmes and Balwani were also indicted on two counts of conspiracy to commit wire fraud. Both also pleaded not guilty to these charges.
The road ahead
Holmes and Balwani each face a maximum sentence of 20 years in prison and a fine of $250,000, plus restitution, for each individual count of wire fraud and conspiracy, according to the U.S. Attorneys office.
The long, winding, and often unbelievable journey of Holmes has been at the forefront of people’s minds as of late, particularly as her story has been made into a podcast, a documentary, and soon a feature film.
But while Theranos is no more, Elizabeth Holmes's fate still hangs in the balance. Below are her current criminal charges.
Charged with massive fraud
The SEC charged Holmes and former Theranos chief operating officer and president Ramesh “Sunny” Balwani in March 2018. According to the complaint, the pair stood accused of “raising more than $700 million from investors through an elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology, business, and financial performance.”
Indicted on nine counts of wire fraud
In June 2018, following a long investigation (which included a deposition by Holmes in 2017) by the U.S. Attorney's office in San Francisco, a federal jury indicted her, along with Balwani, on nine counts of wire fraud.
Specifically, these charges pertain to the allegation that Theranos defrauded its investors out of millions of dollars while also deceiving — and putting at risk — the lives of hundreds of patients and doctors.
Both Holmes and Balwani pleaded not guilty to these charges.
Indicted on conspiracy to commit wire fraud
Along with nine counts of wire fraud, Holmes and Balwani were also indicted on two counts of conspiracy to commit wire fraud. Both also pleaded not guilty to these charges.
The road ahead
Holmes and Balwani each face a maximum sentence of 20 years in prison and a fine of $250,000, plus restitution, for each individual count of wire fraud and conspiracy, according to the U.S. Attorneys office.
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Theranos Founder Elizabeth Holmes Thinks She Has a Chance at Redemption
While she faces federal fraud charges and up to 20 years in prison, Elizabeth Holmes thinks people will give her another shot if they can hear her side of the story.
The founder of blood-testing startup Theranos, who raised more than $700 million from investors for technology that was little more than a pipe dream, has recently held meetings with filmmakers regarding a documentary, Nick Bilton writes at Vanity Fair. She also desperately wants to write a book.
“Elizabeth sees herself as the victim,” a former executive close to Holmes tells Bilton.
Should the book or movie ever come to fruition they’re set to prove once and for all that truth really is stranger than fiction. According to a January filing, the Justice Department has nearly 17 million pages of documents to comb through and could file more charges against Holmes, her business partner and former boyfriend Sunny Balwani and even others close to them.
While she faces federal fraud charges and up to 20 years in prison, Elizabeth Holmes thinks people will give her another shot if they can hear her side of the story.
The founder of blood-testing startup Theranos, who raised more than $700 million from investors for technology that was little more than a pipe dream, has recently held meetings with filmmakers regarding a documentary, Nick Bilton writes at Vanity Fair. She also desperately wants to write a book.
“Elizabeth sees herself as the victim,” a former executive close to Holmes tells Bilton.
Should the book or movie ever come to fruition they’re set to prove once and for all that truth really is stranger than fiction. According to a January filing, the Justice Department has nearly 17 million pages of documents to comb through and could file more charges against Holmes, her business partner and former boyfriend Sunny Balwani and even others close to them.
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Keep Track Of The Theranos Scandal With This Detailed Timeline
2003: Theranos is founded
Elizabeth Holmes starts Theranos — a word that combines “therapy” and “diagnosis” — when she is just 19. Her idea is to revolutionize healthcare by making blood-testing procedures cheaper and more convenient. She drops out of Stanford the next year and begins building the company through the sales pitch that it could detect health problems with just a few drops of blood from a finger prick. From the onset, Holmes was able to secure high-profile investors including Henry Kissinger, Betsy DeVos, and Rupert Murdoch.
2004: Theranos raises $6.9 million
With this early funding, the company gains a $30 million valuation.
2007: Company valuation hits nearly $200 million
After three years of early-round fundraising, Theranos receives a company valuation of $197 million.
2010: Theranos raises $45 million
Theranos files a U.S. Securities and Exchange Commission form that states it has raised $45 million by selling equity, options, warrants, and other security rights. At this point, Theranos is valued at $1 billion.
2013: Theranos announces itself to the public
Having kept a low profile during its first years in order to focus on research and fundraising, Theranos unveils a website and introduces its product to the world through press releases and media features.
September 2013: Theranos announces Walgreens partnership
The deal with Walgreens commercializes Theranos's tests and opens them up to the public. Prior to this, Theranos had been a research-and-development operation. After commercializing its tests in Walgreens, Theranos begins reaching consumers directly.
2014: Theranos value exceeds $9 billion
Theranos and its founder, Holmes, are regularly featured across high-profile media platforms, with stories in The New Yorker, Forbes, and more. However, there is rising scrutiny of Holmes’s technology, and her profile in The New Yorker calls her explanations of the procedure “comically vague.”
Fortune announces that the company has raised $400 million in equity sales and is valued at over $9 billion. Thanks to her 50% stake, Holmes is now a multi-billionaire.
2014: Elizabeth Holmes delivers a Ted Talk
During Holmes' 2014 TED Talk, the young entrepreneur promised the world that her company, would make blood testing more accessible, affordable, and less painful.
2015: Theranos is criticized by some in the medical community
A piece in The Journal of the American Medical Association, penned by John P.A. Ioannidis, MD, DSc, criticizes Theranos for having operated in “stealth mode” for years without publishing research in peer-reviewed medical journals.
The same year, Capital BlueCross, central Pennsylvania’s largest health insurer with over 700,000 consumers, selects Theranos as its lab and bloodwork provider. At this time, the company reaches a $10 billion valuation.
July 2015: Theranos test approved by the FDA
Theranos’s test for detecting herpes simplex virus 1 is approved by the Federal Drug Administration (FDA). But by December, the test has come under scrutiny. This is the only Theranos test to be approved by the FDA.
July 2015: Joe Biden visits Theranos facility
Vice President Joe Biden toured Theranos saying afterward, “Talk about inspirational, this is inspirational.”
October 15 & 16, 2015: The WSJ publishes a damning report on Theranos
Things take a turn for Theranos after The Wall Street Journal publishes John Carreyrou’s in-depth exposé on the company. In the piece, Carreyrou interviews ex-employees who claim management is incompetent, has exaggerated the capability of the technology, and is deceiving the public.
Later that day, Holmes appears on Mad Money in an attempt to do damage control in the face of rampant accusations. She claims the statements in the WSJ are false, that Theranos had supplied over 1,000 pages of documentation that disprove the allegations, and that she is disappointed to see that the piece has been published. Holmes says: "This is what happens when you work to change things. First, they think you're crazy, then they fight you, and then all of a sudden you change the world."
On October 16, one day after its initial bombshell, the WSJ releases a follow-up piece that reports Theranos has been forced to cease use of its unapproved nanotainer for all of its blood tests, except for one. The Wall Street Journal also stands by its reporting.
October 27, 2015: The FDA releases a report from its Theranos investigation
The FDA releases a partly redacted report from an ongoing investigation of Theranos equipment. Among other things, the report claims that Theranos had used an "uncleared medical device" whose design was "not validated under actual or simulated use conditions."
November 2015: Potential Theranos-Safeway deal folds
A $350 million deal with Safeway falls through, as reported by the WSJ. The partnership would have allowed Theranos to offer tests in more than 800 supermarkets. Though Safeway has spent money to build the clinics, the tests never begin.
December 2015: The WSJ publishes another article on Theranos
Carreyrou reports that Theranos has rigged tests to produce better results. The article also alleges company mismanagement.
January 25, 2016: Theranos lab in Newark, CA, is found to be a threat to patient health
The Centers for Medicare and Medicaid Services (CMS) pens a letter to Theranos after an inspection of its Newark, California, lab. The investigation, which took place in the fall of 2015, had found that the facility did not "comply with certificate requirements and performance standards" and caused "immediate jeopardy to patient health and safety."
Theranos soon responds, claiming that the investigation had begun “months ago” and “does not reflect the current state of the lab.”
January 28, 2016: Walgreens suspends tests at its Theranos Wellness Center
In light of the CMS report, Walgreens announces it will stop tests at its Theranos Wellness Center inside of its Palo Alto store, also suspending its use of Theranos's lab in Newark “until all issues raised by CMS have been fully resolved.”
April 2017: Theranos settles with CMS
In a settlement with CMS, Theranos agrees to stay out of the blood-testing business for two years in exchange for reduced penalties from federal health authorities. The civil monetary penalty against the company is only $30,000, says Theranos.
May 2017: Theranos settles with one of its largest investors
The settlement with Partner Fund Management (PFM), one of the company’s largest investors, comes after PFM accuses them of securities fraud.
March 2018: Theranos charged with massive fraud
The U.S. Securities and Exchange Commission (SEC) charges Holmes and former Theranos president Ramesh “Sunny” Balwani, accusing them of “raising more than $700 million from investors through an elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology, business, and financial performance.”
In the wake of this charge, Holmes is stripped of her control of the company, forced to return millions of shares to Theranos, and is barred from serving as an officer or director of any public company for ten years.
June 2018: Holmes and Balwani indicted on eleven counts of fraud and conspiracy
A federal grand jury indicts both Holmes and Balwani on two counts of conspiracy and nine counts of wire fraud, finding that the pair had "engaged in a multi-million dollar scheme to defraud investors, and a separate scheme to defraud doctors and patients.”
In the wake of the indictment, Holmes steps down as CEO, but remains on the company's board.
September 5, 2018: Theranos shutters
Unable to find a buyer, Theranos is forced to close, announcing it will pay its creditors with its remaining cash. The company announces its closing in an email to investors. Its remaining employees were laid off at the close of August, though CEO David Taylor and some support staff had remained on the payroll a few days longer. At this time, the Theranos website is shut down, and the WSJ reports that any equity investments in the company are worthless.
January 2019: Justice Department is reviewing millions of pages of documents
As per a January filing, the Justice Department is reviewing nearly 17 million pages of documents concerning the case. Based on what they find, more charges could potentially be brought against Holmes and Balwani, and potentially others involved.
March 2019: HBO Releases Theranos Documentary 'The Inventor'
After much hype, HBO released 'The Inventor: Out For Blood In Silicon Valley,' which chronicles the rise and fall of Theranos.
2003: Theranos is founded
Elizabeth Holmes starts Theranos — a word that combines “therapy” and “diagnosis” — when she is just 19. Her idea is to revolutionize healthcare by making blood-testing procedures cheaper and more convenient. She drops out of Stanford the next year and begins building the company through the sales pitch that it could detect health problems with just a few drops of blood from a finger prick. From the onset, Holmes was able to secure high-profile investors including Henry Kissinger, Betsy DeVos, and Rupert Murdoch.
2004: Theranos raises $6.9 million
With this early funding, the company gains a $30 million valuation.
2007: Company valuation hits nearly $200 million
After three years of early-round fundraising, Theranos receives a company valuation of $197 million.
2010: Theranos raises $45 million
Theranos files a U.S. Securities and Exchange Commission form that states it has raised $45 million by selling equity, options, warrants, and other security rights. At this point, Theranos is valued at $1 billion.
2013: Theranos announces itself to the public
Having kept a low profile during its first years in order to focus on research and fundraising, Theranos unveils a website and introduces its product to the world through press releases and media features.
September 2013: Theranos announces Walgreens partnership
The deal with Walgreens commercializes Theranos's tests and opens them up to the public. Prior to this, Theranos had been a research-and-development operation. After commercializing its tests in Walgreens, Theranos begins reaching consumers directly.
2014: Theranos value exceeds $9 billion
Theranos and its founder, Holmes, are regularly featured across high-profile media platforms, with stories in The New Yorker, Forbes, and more. However, there is rising scrutiny of Holmes’s technology, and her profile in The New Yorker calls her explanations of the procedure “comically vague.”
Fortune announces that the company has raised $400 million in equity sales and is valued at over $9 billion. Thanks to her 50% stake, Holmes is now a multi-billionaire.
2014: Elizabeth Holmes delivers a Ted Talk
During Holmes' 2014 TED Talk, the young entrepreneur promised the world that her company, would make blood testing more accessible, affordable, and less painful.
2015: Theranos is criticized by some in the medical community
A piece in The Journal of the American Medical Association, penned by John P.A. Ioannidis, MD, DSc, criticizes Theranos for having operated in “stealth mode” for years without publishing research in peer-reviewed medical journals.
The same year, Capital BlueCross, central Pennsylvania’s largest health insurer with over 700,000 consumers, selects Theranos as its lab and bloodwork provider. At this time, the company reaches a $10 billion valuation.
July 2015: Theranos test approved by the FDA
Theranos’s test for detecting herpes simplex virus 1 is approved by the Federal Drug Administration (FDA). But by December, the test has come under scrutiny. This is the only Theranos test to be approved by the FDA.
July 2015: Joe Biden visits Theranos facility
Vice President Joe Biden toured Theranos saying afterward, “Talk about inspirational, this is inspirational.”
October 15 & 16, 2015: The WSJ publishes a damning report on Theranos
Things take a turn for Theranos after The Wall Street Journal publishes John Carreyrou’s in-depth exposé on the company. In the piece, Carreyrou interviews ex-employees who claim management is incompetent, has exaggerated the capability of the technology, and is deceiving the public.
Later that day, Holmes appears on Mad Money in an attempt to do damage control in the face of rampant accusations. She claims the statements in the WSJ are false, that Theranos had supplied over 1,000 pages of documentation that disprove the allegations, and that she is disappointed to see that the piece has been published. Holmes says: "This is what happens when you work to change things. First, they think you're crazy, then they fight you, and then all of a sudden you change the world."
On October 16, one day after its initial bombshell, the WSJ releases a follow-up piece that reports Theranos has been forced to cease use of its unapproved nanotainer for all of its blood tests, except for one. The Wall Street Journal also stands by its reporting.
October 27, 2015: The FDA releases a report from its Theranos investigation
The FDA releases a partly redacted report from an ongoing investigation of Theranos equipment. Among other things, the report claims that Theranos had used an "uncleared medical device" whose design was "not validated under actual or simulated use conditions."
November 2015: Potential Theranos-Safeway deal folds
A $350 million deal with Safeway falls through, as reported by the WSJ. The partnership would have allowed Theranos to offer tests in more than 800 supermarkets. Though Safeway has spent money to build the clinics, the tests never begin.
December 2015: The WSJ publishes another article on Theranos
Carreyrou reports that Theranos has rigged tests to produce better results. The article also alleges company mismanagement.
January 25, 2016: Theranos lab in Newark, CA, is found to be a threat to patient health
The Centers for Medicare and Medicaid Services (CMS) pens a letter to Theranos after an inspection of its Newark, California, lab. The investigation, which took place in the fall of 2015, had found that the facility did not "comply with certificate requirements and performance standards" and caused "immediate jeopardy to patient health and safety."
Theranos soon responds, claiming that the investigation had begun “months ago” and “does not reflect the current state of the lab.”
January 28, 2016: Walgreens suspends tests at its Theranos Wellness Center
In light of the CMS report, Walgreens announces it will stop tests at its Theranos Wellness Center inside of its Palo Alto store, also suspending its use of Theranos's lab in Newark “until all issues raised by CMS have been fully resolved.”
April 2017: Theranos settles with CMS
In a settlement with CMS, Theranos agrees to stay out of the blood-testing business for two years in exchange for reduced penalties from federal health authorities. The civil monetary penalty against the company is only $30,000, says Theranos.
May 2017: Theranos settles with one of its largest investors
The settlement with Partner Fund Management (PFM), one of the company’s largest investors, comes after PFM accuses them of securities fraud.
March 2018: Theranos charged with massive fraud
The U.S. Securities and Exchange Commission (SEC) charges Holmes and former Theranos president Ramesh “Sunny” Balwani, accusing them of “raising more than $700 million from investors through an elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology, business, and financial performance.”
In the wake of this charge, Holmes is stripped of her control of the company, forced to return millions of shares to Theranos, and is barred from serving as an officer or director of any public company for ten years.
June 2018: Holmes and Balwani indicted on eleven counts of fraud and conspiracy
A federal grand jury indicts both Holmes and Balwani on two counts of conspiracy and nine counts of wire fraud, finding that the pair had "engaged in a multi-million dollar scheme to defraud investors, and a separate scheme to defraud doctors and patients.”
In the wake of the indictment, Holmes steps down as CEO, but remains on the company's board.
September 5, 2018: Theranos shutters
Unable to find a buyer, Theranos is forced to close, announcing it will pay its creditors with its remaining cash. The company announces its closing in an email to investors. Its remaining employees were laid off at the close of August, though CEO David Taylor and some support staff had remained on the payroll a few days longer. At this time, the Theranos website is shut down, and the WSJ reports that any equity investments in the company are worthless.
January 2019: Justice Department is reviewing millions of pages of documents
As per a January filing, the Justice Department is reviewing nearly 17 million pages of documents concerning the case. Based on what they find, more charges could potentially be brought against Holmes and Balwani, and potentially others involved.
March 2019: HBO Releases Theranos Documentary 'The Inventor'
After much hype, HBO released 'The Inventor: Out For Blood In Silicon Valley,' which chronicles the rise and fall of Theranos.
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Elizabeth Holmes' trial delayed amid coronavirus concerns
Dec 24, 2020
U.S. District Court Judge Edward J. Davila, who is presiding over the San Jose-based wire fraud case against Holmes, said in court papers filed late last week that the one-time billionaire’s trial is now expected to begin on July 13, 2021 – four months later than the March date that had previously been set.
“The court has been vigilant in keeping informed as to the impact of the COVID-19 pandemic in the nation and the state and in day to day life in the San Francisco bay area,” Davila wrote in court papers filed Dec. 18. “The court notes sadly, the impact on our lives is grim.”
Davila went on to describe how the Golden State is in the midst of “an unprecedented surge in cases and hospitalizations.”
Dec 24, 2020
U.S. District Court Judge Edward J. Davila, who is presiding over the San Jose-based wire fraud case against Holmes, said in court papers filed late last week that the one-time billionaire’s trial is now expected to begin on July 13, 2021 – four months later than the March date that had previously been set.
“The court has been vigilant in keeping informed as to the impact of the COVID-19 pandemic in the nation and the state and in day to day life in the San Francisco bay area,” Davila wrote in court papers filed Dec. 18. “The court notes sadly, the impact on our lives is grim.”
Davila went on to describe how the Golden State is in the midst of “an unprecedented surge in cases and hospitalizations.”
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Ex-Theranos COO's Fraud Trial Moved To January 2022 - Law360
Feb 9, 2021
Law360 (February 9, 2021, 4:45 PM EST) -- A California federal judge on Tuesday pushed back former Theranos chief operating officer Ramesh "Sunny" Balwani's criminal fraud trial over the blood-testing startup to January 2022, after delaying former Theranos CEO Elizabeth Holmes' trial in a companion case from March to July due to the coronavirus pandemic.
During a hearing on Zoom, U.S. District Judge Edward Davila agreed to delay Balwani's trial to 2022, with jury selection beginning Jan. 11. He added that the January trial date is "really the most realistic," given the challenges posed by the pandemic and the likelihood that Holmes' trial and post-trial motions could run through November.
Since the pandemic has forced courthouses across the country to go virtual, the jury trials in the government's closely watched cases against Holmes and Balwani have been rescheduled multiple times.
If Holmes' trial begins on July 13 as it's currently scheduled, she will face a jury more than three years after the government initially hit her and Balwani with a grand jury indictment in 2018 and six years after Wall Street Journal reporter John Carreyrou's articles first raised doubts about the now-defunct startup.
Feb 9, 2021
Law360 (February 9, 2021, 4:45 PM EST) -- A California federal judge on Tuesday pushed back former Theranos chief operating officer Ramesh "Sunny" Balwani's criminal fraud trial over the blood-testing startup to January 2022, after delaying former Theranos CEO Elizabeth Holmes' trial in a companion case from March to July due to the coronavirus pandemic.
During a hearing on Zoom, U.S. District Judge Edward Davila agreed to delay Balwani's trial to 2022, with jury selection beginning Jan. 11. He added that the January trial date is "really the most realistic," given the challenges posed by the pandemic and the likelihood that Holmes' trial and post-trial motions could run through November.
Since the pandemic has forced courthouses across the country to go virtual, the jury trials in the government's closely watched cases against Holmes and Balwani have been rescheduled multiple times.
If Holmes' trial begins on July 13 as it's currently scheduled, she will face a jury more than three years after the government initially hit her and Balwani with a grand jury indictment in 2018 and six years after Wall Street Journal reporter John Carreyrou's articles first raised doubts about the now-defunct startup.
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Rebecca Jarvis@RebeccaJarvis
Replying to
@RebeccaJarvis
UPDATE: The Trial of *Sunny Balwani* has been moved to January 11, 2022. The Trial of Elizabeth Holmes will begin with jury selection July 13, 2021. It has already been moved multiple times due to COVID.
1:38 PM · Feb 9, 2021
Replying to
@RebeccaJarvis
UPDATE: The Trial of *Sunny Balwani* has been moved to January 11, 2022. The Trial of Elizabeth Holmes will begin with jury selection July 13, 2021. It has already been moved multiple times due to COVID.
1:38 PM · Feb 9, 2021
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https://www.cnbc.com/2021/07/09/john-carreyrou-predicts-elizabeth-holmes-trial-outcome.html
July 9, 2021
The author of “Bad Blood” isn’t finished telling the Theranos story.
Three years since the release of his bestselling book, John Carreyrou is debuting a new podcast to uncover the final chapter of former Theranos CEO Elizabeth Holmes. “Bad Blood: The Final Chapter” will follow the upcoming trial of Holmes.
In an interview with CNBC, Carreyrou shared his bold predictions on her criminal fraud trial, which is set to begin in August after several delays due to the coronavirus pandemic and her unexpected pregnancy. Despite the postponements, Carreyrou predicts Holmes will be convicted of wire fraud, and said that a guilty verdict in her trial will be a “major shot across the bow to entrepreneurs in Silicon Valley.”
July 9, 2021
The author of “Bad Blood” isn’t finished telling the Theranos story.
Three years since the release of his bestselling book, John Carreyrou is debuting a new podcast to uncover the final chapter of former Theranos CEO Elizabeth Holmes. “Bad Blood: The Final Chapter” will follow the upcoming trial of Holmes.
In an interview with CNBC, Carreyrou shared his bold predictions on her criminal fraud trial, which is set to begin in August after several delays due to the coronavirus pandemic and her unexpected pregnancy. Despite the postponements, Carreyrou predicts Holmes will be convicted of wire fraud, and said that a guilty verdict in her trial will be a “major shot across the bow to entrepreneurs in Silicon Valley.”
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Theranos: Holmes' lawyer blames feds over data her company dismantled
July 7, 2021
A lawyer for Theranos founder Elizabeth Holmes blamed the federal government Wednesday for the loss of a database that Holmes’ company dismantled four days after giving the government an encrypted copy but no way to open it.
Holmes’ 10-member legal team wants the judge overseeing her criminal fraud case to prevent the jury from hearing about certain customer complaints, blood-test results and government findings, on the basis that the lost company database contained critical information for her team’s responses to that potential evidence. The data included “almost certainly millions” of accurate test results helpful to Holmes’ case, her lawyer Amy Saharia said Wednesday during a video hearing.
Federal prosecutors, however, say the information in the database would have highlighted serious problems with the company’s technology. The case is currently in pre-trial proceedings in San Jose U.S. District Court.
[..]
Davila said he would rule on the matter shortly.
Holmes’ trial, delayed three times because of the pandemic and procedural matters, is scheduled to start Aug. 31. She faces maximum penalties of 20 years in prison and a $2.75 million fine, plus possible restitution, the Department of Justice has said
July 7, 2021
A lawyer for Theranos founder Elizabeth Holmes blamed the federal government Wednesday for the loss of a database that Holmes’ company dismantled four days after giving the government an encrypted copy but no way to open it.
Holmes’ 10-member legal team wants the judge overseeing her criminal fraud case to prevent the jury from hearing about certain customer complaints, blood-test results and government findings, on the basis that the lost company database contained critical information for her team’s responses to that potential evidence. The data included “almost certainly millions” of accurate test results helpful to Holmes’ case, her lawyer Amy Saharia said Wednesday during a video hearing.
Federal prosecutors, however, say the information in the database would have highlighted serious problems with the company’s technology. The case is currently in pre-trial proceedings in San Jose U.S. District Court.
[..]
Davila said he would rule on the matter shortly.
Holmes’ trial, delayed three times because of the pandemic and procedural matters, is scheduled to start Aug. 31. She faces maximum penalties of 20 years in prison and a $2.75 million fine, plus possible restitution, the Department of Justice has said
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U.S. v. Elizabeth Holmes, et al.
U.S. v. Elizabeth Holmes, et al.
Elizabeth Holmes and Ramesh “Sunny” Balwani are charged with two counts of conspiracy to commit wire fraud and nine counts of wire fraud. According to the indictment, the charges stem from allegations that Holmes and Balwani engaged in a multi-million-dollar scheme to defraud investors, and a separate scheme to defraud doctors and patients. Both schemes involved efforts to promote Theranos, a company founded by Holmes and based in Palo Alto, California. Theranos was a private health care and life sciences company with the stated mission to revolutionize medical laboratory testing through allegedly innovative methods for drawing blood, testing blood, and interpreting the resulting patient data.
Holmes and Balwani used advertisements and solicitations to encourage and induce doctors and patients to use Theranos’s blood testing laboratory services, even though, according to the government, the defendants knew Theranos was not capable of consistently producing accurate and reliable results for certain blood tests. It is further alleged that the tests performed on Theranos technology were likely to contain inaccurate and unreliable results.
[..]
Trial Dates
The Court has severed the trials of defendants Elizabeth Holmes and Ramesh “Sunny” Balwani. The trial of Ms. Holmes will begin in 8/31/2021. Mr. Balwani’s trial will begin in January 2022. The Court trial days will be Tuesday, Wednesday and Friday, possibly other half days. The Court may modify the trial time and set either 8:30-2pm or 9-2pm and possibly 30-minute breaks in between. The hearings will take place in San Jose, Courtroom 4, 5th Floor before Judge Edward J. Davila. The dates and times are subject to change.
There will be no live remote public access (e.g., telephone or Zoom) to jury trial proceedings in this case. An overflow room with live audio or video will be available in the San Jose courthouse (Courtroom 7). Public seating in the courtroom and overflow room will be first-come, first-served. The courtroom gallery will have some seating designated for members of the press. All courthouse visitors are required to follow the court’s safety protocols, including wearing a mask in all common areas of the courthouse and in the courtroom if so instructed by the judge, and must review the court’s COVID-19 Pre-Screening Questionnaire prior to arriving at the courthouse.
Due to the level of interest in this case, please see the following webpage for important news and information about access to proceedings and case information:
United States v. Elizabeth A. Holmes, et al. 18-CR-00258-EJD
Resources
U.S. v. Elizabeth Holmes, et al.
Elizabeth Holmes and Ramesh “Sunny” Balwani are charged with two counts of conspiracy to commit wire fraud and nine counts of wire fraud. According to the indictment, the charges stem from allegations that Holmes and Balwani engaged in a multi-million-dollar scheme to defraud investors, and a separate scheme to defraud doctors and patients. Both schemes involved efforts to promote Theranos, a company founded by Holmes and based in Palo Alto, California. Theranos was a private health care and life sciences company with the stated mission to revolutionize medical laboratory testing through allegedly innovative methods for drawing blood, testing blood, and interpreting the resulting patient data.
Holmes and Balwani used advertisements and solicitations to encourage and induce doctors and patients to use Theranos’s blood testing laboratory services, even though, according to the government, the defendants knew Theranos was not capable of consistently producing accurate and reliable results for certain blood tests. It is further alleged that the tests performed on Theranos technology were likely to contain inaccurate and unreliable results.
[..]
Trial Dates
The Court has severed the trials of defendants Elizabeth Holmes and Ramesh “Sunny” Balwani. The trial of Ms. Holmes will begin in 8/31/2021. Mr. Balwani’s trial will begin in January 2022. The Court trial days will be Tuesday, Wednesday and Friday, possibly other half days. The Court may modify the trial time and set either 8:30-2pm or 9-2pm and possibly 30-minute breaks in between. The hearings will take place in San Jose, Courtroom 4, 5th Floor before Judge Edward J. Davila. The dates and times are subject to change.
There will be no live remote public access (e.g., telephone or Zoom) to jury trial proceedings in this case. An overflow room with live audio or video will be available in the San Jose courthouse (Courtroom 7). Public seating in the courtroom and overflow room will be first-come, first-served. The courtroom gallery will have some seating designated for members of the press. All courthouse visitors are required to follow the court’s safety protocols, including wearing a mask in all common areas of the courthouse and in the courtroom if so instructed by the judge, and must review the court’s COVID-19 Pre-Screening Questionnaire prior to arriving at the courthouse.
Due to the level of interest in this case, please see the following webpage for important news and information about access to proceedings and case information:
United States v. Elizabeth A. Holmes, et al. 18-CR-00258-EJD
Resources
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Upcoming Proceedings & Deadlines:
Date Proceeding or Deadline Courtroom (If Applicable)
08/31/2021 9:00 AM
(2-3 days) Jury Selection
(Elizabeth Holmes) Courtroom 4, 5th Floor
09/08/2021 9:00 AM
(4 months) Jury Trial
(Elizabeth Holmes) Courtroom 4, 5th Floor
USA v. Holmes | United States District Court, Northern District of California
Date Proceeding or Deadline Courtroom (If Applicable)
08/31/2021 9:00 AM
(2-3 days) Jury Selection
(Elizabeth Holmes) Courtroom 4, 5th Floor
09/08/2021 9:00 AM
(4 months) Jury Trial
(Elizabeth Holmes) Courtroom 4, 5th Floor
USA v. Holmes | United States District Court, Northern District of California
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https://www.cnbc.com/2019/06/10/sunny-balwany-former-theranos-coo-to-fight-criminal-charges.html
June 10, 2019
[..]
Inside the courtroom, lawyers for the U.S. Department of Justice and Balwani battled over the Securities and Exchange Commission’s case.
The government filed a motion in April to intervene in the SEC’s civil enforcement action, arguing that parties and the court should not be burdened by civil discovery while the criminal case is pending.
Prosecutors also claim Balwani is using his pending SEC case to benefit his criminal indictment.
“It’s apparent Mr. Balwani is using civil discovery to gather evidence for the reason of his criminal case,” said Robert Leach, assistant U.S. Attorney.
Balwani’s attorney argued there’s no basis to issue a stay and if prosecutors have an issue with a subpoena they can object to it.
“The government chose to bring these two cases forward and the government can simply dismiss it,” said Coopersmith.
The SEC, also present in court, supported the request for a hold in its case against Balwani.
“It’s rare that the SEC affirmatively supports a stay,” said Mark Katz, an attorney for the SEC. “This is a rare situation. We’ve seen depositions with very sensitive information and we ask that you consider this stay.”
“There’s been great attention in what the truth is and what happened here,” said Leach. “The only way to do that is through the criminal trial.”
Holmes agreed to settle her fraud charges brought on by the SEC last year.
June 10, 2019
[..]
Inside the courtroom, lawyers for the U.S. Department of Justice and Balwani battled over the Securities and Exchange Commission’s case.
The government filed a motion in April to intervene in the SEC’s civil enforcement action, arguing that parties and the court should not be burdened by civil discovery while the criminal case is pending.
Prosecutors also claim Balwani is using his pending SEC case to benefit his criminal indictment.
“It’s apparent Mr. Balwani is using civil discovery to gather evidence for the reason of his criminal case,” said Robert Leach, assistant U.S. Attorney.
Balwani’s attorney argued there’s no basis to issue a stay and if prosecutors have an issue with a subpoena they can object to it.
“The government chose to bring these two cases forward and the government can simply dismiss it,” said Coopersmith.
The SEC, also present in court, supported the request for a hold in its case against Balwani.
“It’s rare that the SEC affirmatively supports a stay,” said Mark Katz, an attorney for the SEC. “This is a rare situation. We’ve seen depositions with very sensitive information and we ask that you consider this stay.”
“There’s been great attention in what the truth is and what happened here,” said Leach. “The only way to do that is through the criminal trial.”
Holmes agreed to settle her fraud charges brought on by the SEC last year.
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https://www.cnbc.com/2021/08/06/elizabeth-holmes-gives-birth-as-theranos-fraud-trial-nears.html
Aug 5, 2021
Records filed with the San Mateo County Recorder office, obtained by CNBC on Thursday, reveal Holmes and her partner, Billy Evans, had a baby on July 10 at Sequoia Hospital in Redwood City, California.
One of Holmes’ attorneys, Amy Saharia, declined to comment on the news.
The trial was originally scheduled to begin in July, but was pushed back to August 31 due to her pregnancy. Holmes faces nine counts of wire fraud and two counts of conspiracy to commit wire fraud.
[..]
This isn’t the only baby news for the Holmes family. Her brother Christian, who also worked at Theranos, and his wife are expecting a child in September, according to the couple’s online registry.
Aug 5, 2021
Records filed with the San Mateo County Recorder office, obtained by CNBC on Thursday, reveal Holmes and her partner, Billy Evans, had a baby on July 10 at Sequoia Hospital in Redwood City, California.
One of Holmes’ attorneys, Amy Saharia, declined to comment on the news.
The trial was originally scheduled to begin in July, but was pushed back to August 31 due to her pregnancy. Holmes faces nine counts of wire fraud and two counts of conspiracy to commit wire fraud.
[..]
This isn’t the only baby news for the Holmes family. Her brother Christian, who also worked at Theranos, and his wife are expecting a child in September, according to the couple’s online registry.
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https://www.cnbc.com/2021/08/27/for...l-shaken-as-elizabeth-holmes-trial-looms.html
8/27/2021
He was the father of newborn twins who wanted to make a difference in healthcare.
Now, with Elizabeth Holmes’ criminal fraud trial set to begin Tuesday, Micah Nies is tired of “being siloed” and is breaking his silence.
Nies is one of four former Theranos employees interviewed by CNBC ahead of Holmes’ trial. The others, who did not want their names used, say they are still afraid of retribution from Holmes and former Theranos president, Sunny Balwani.
“The fear is real,” Nies said. “Even several years later. The atmosphere was so toxic you would hear the stories of people being disappeared. There was always this fear of retribution and afterward you carry it with you.”
8/27/2021
He was the father of newborn twins who wanted to make a difference in healthcare.
Now, with Elizabeth Holmes’ criminal fraud trial set to begin Tuesday, Micah Nies is tired of “being siloed” and is breaking his silence.
Nies is one of four former Theranos employees interviewed by CNBC ahead of Holmes’ trial. The others, who did not want their names used, say they are still afraid of retribution from Holmes and former Theranos president, Sunny Balwani.
“The fear is real,” Nies said. “Even several years later. The atmosphere was so toxic you would hear the stories of people being disappeared. There was always this fear of retribution and afterward you carry it with you.”
Seattle1
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https://www.cnbc.com/2021/08/25/sev...beth-holmes-trial-cut-for-potential-bias.html
8/25/2021
SAN JOSE, CALIF. - The pool of potential jurors in the criminal fraud trial of embattled Theranos founder Elizabeth Holmes was cut on Wednesday after her attorneys and federal prosecutors identified some were biased, according to the completed questionnaires.
“Thirty to forty of the remaining jurors have consumed substantial, and I mean lengthy extrajudicial material, about the case and about the defendant,” Kevin Downey, an attorney for Holmes, told the judge. “We’re very vulnerable to any of the jurors commenting in some ways as either the court or lawyers conduct voir dire about the content of the media they’ve seen.”
Voir dire is the legal term for preliminary examinations of jurors.
Holmes appeared in court as her defense attorneys renewed their request to individually question potential jurors. Dozens of jurors were dismissed for reasons ranging from potential bias, hardships and health or language issues.
[..]
Jury selection begins on Tuesday. Judge Edward Davila said he plans to bring in 50 potential jurors at a time and conduct voir dire in three separate sessions.
“The search for implied bias might be a futile search,” Davila said, acknowledging the defense attorney’s concerns. “We’ll do the best we can to ensure that those jurors are just focused on the universe of evidence in this courtroom.”
8/25/2021
SAN JOSE, CALIF. - The pool of potential jurors in the criminal fraud trial of embattled Theranos founder Elizabeth Holmes was cut on Wednesday after her attorneys and federal prosecutors identified some were biased, according to the completed questionnaires.
“Thirty to forty of the remaining jurors have consumed substantial, and I mean lengthy extrajudicial material, about the case and about the defendant,” Kevin Downey, an attorney for Holmes, told the judge. “We’re very vulnerable to any of the jurors commenting in some ways as either the court or lawyers conduct voir dire about the content of the media they’ve seen.”
Voir dire is the legal term for preliminary examinations of jurors.
Holmes appeared in court as her defense attorneys renewed their request to individually question potential jurors. Dozens of jurors were dismissed for reasons ranging from potential bias, hardships and health or language issues.
[..]
Jury selection begins on Tuesday. Judge Edward Davila said he plans to bring in 50 potential jurors at a time and conduct voir dire in three separate sessions.
“The search for implied bias might be a futile search,” Davila said, acknowledging the defense attorney’s concerns. “We’ll do the best we can to ensure that those jurors are just focused on the universe of evidence in this courtroom.”