CA - Elizabeth Holmes (Theranos) Wire Fraud

Discussion in 'Trials' started by Seattle1, Apr 7, 2019.

  1. Seattle1

    Seattle1 #LiveLikeLizzy

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    Theranos employees 'destroyed crucial blood test database that proved their product was a fraud' | Daily Mail Online

    Jan 12, 2021

    Theranos, the blood-testing start-up that promised to revolutionize health care only to collapse after its hyped product turned out to be a dud, destroyed incriminating evidence proving that it engaged in fraud, prosecutors allege.

    Federal authorities also allege the company’s star CEO Elizabeth Holmes, 36, and her former lover and COO, Ramesh ‘Sunny’ Balwani, 56, used funds from investors to subsidize an extravagant lifestyle while peddling a fraudulent product.

    Prosecutors submitted a filing to federal court in San Francisco on Monday alleging that Theranos executives destroyed data that proved their blood-testing product was inaccurate.

    Knowingly misleading investors by providing false data is a federal crime.

    The company knew about its inaccurate testing data that was collected over a period of three

    years, according to The Register.

    ____________

    Case 5:18-cr-00258-EJD Document 682 Filed 01/11/21 Page 1 of 16

    Monday's document is available at the newslink above.
     
    Last edited: Jan 12, 2021


  2. RickshawFan

    RickshawFan Verified Outdoor Recreation Specialist

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    As Seattle indicates, the court filing which presents the details about the database destruction are provided in this Daily Mail article.

    It's mindblowing what Theranos was doing that we hadn't heard of yet. I'll bet this is the tip of the iceberg.

    Do we know when this trial will be?
     
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  3. Seattle1

    Seattle1 #LiveLikeLizzy

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    From an earlier link, the trial is expected to begin July 13, 2021 -- four months later than previously scheduled.

    Also, to be clear, the filings are allegations that are yet to be decided in court.
     
  4. Niner

    Niner Long time Websleuther

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    from my notes re Holmes' hearings.



    12/18/20 Update: Holmes: Pretrial motions hearing on 1/22/21 has been cancelled. 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 trial is now expected to begin on July 13, 2021 – four months later than the March date that had previously been set. And hearing 0n 2/16 has also been cancelled.


    I've looked thru 2/24 for any hearings for her, but have not come up with any. Balwani has a atatus hearing on 2/9.
     
  5. Auntie Cipation

    Auntie Cipation Context Matters.

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  6. Niner

    Niner Long time Websleuther

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    Tuesday, Feb. 9th:
    *Status Conference Hearing (@ 10am PT) - CA – *Elizabeth A. Holmes (34/now 37) (CEO of Theranos) indicted & charged (6/14/18) & arraigned (6/15/18) with 9 counts of wire fraud & 2 counts of conspiracy to commit wire fraud & charged & indicted (4/11/20) with fraud relating to a patient's blood test. Plead not guilty. No bond. Faces a maximum sentence of 20 years in prison & a fine of $2.75 million, plus restitution, & $250K for each individual count of wire fraud & conspiracy. Judge Edward J. Davila (U.S. District Court, San Jose) Federal Court
    Trial was set to begin on 3/9/21 with jury selection has been continued to 7/13/21. (Trial will begin at 9am).
    See below for court info on Holmes.

    Only for *Ramesh “Sunny” Balwani (53/now 55) (CFO & President of Theranos) indicted & charged (6/14/18) & arraigned (6/15/18) with 9 counts of wire fraud & 2 counts of conspiracy to commit wire fraud. Plead not guilty. No bond. Faces a maximum sentence of 20 years in prison & a fine of $2.75 million, plus restitution, & $250K for each individual count of wire fraud & conspiracy. Judge Edward J. Davila (U.S. District Court, San Jose) Federal Court 5:18-cr-00258-EJD-2
    Trial set to begin after Holmes’ trial.
    Defrauding investors out of $700 million in funding for their blood-testing startup Theranos.

    Indictment & court info from 4/11/20 thru 10/14/20 reference post #168 here:
    CA - Elizabeth Holmes (Theranos) Wire Fraud

    12/2/20 Update: Balwani: Next status hearing on 12/8/20. Holmes: No info from hearing. Next pretrial motions hearing on 1/22/21 @ 10am. 12/8/20 Update: Balwani: Next status conference hearing on 2/9/21.
    12/18/20 Update: Holmes: Pretrial motions hearing on 1/22/21 has been cancelled. 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 trial is now expected to begin on July 13, 2021 – four months later than the March date that had previously been set. And hearing 0n 2/16 has also been cancelled. No update as of 2/8/21.

    1/11/21: Prosecutors submitted a filing to federal court in San Francisco on Monday alleging that Theranos executives destroyed data that proved their blood-testing product was inaccurate. Knowingly misleading investors by providing false data is a federal crime. The company knew about its inaccurate testing data that was collected over a period of three years.
     
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  7. Auntie Cipation

    Auntie Cipation Context Matters.

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  8. Niner

    Niner Long time Websleuther

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    I brought the tweet over....

    Rebecca Jarvis
    @RebeccaJarvis
    ·
    10h
    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.


    JUST IN: The criminal trial of Theranos founder Elizabeth Holmes which has already been pushed multiple times due to COVID, now has a new start date: Jan 11,2022.

    Reminder: The DOJ first brought charges against Holmes and COO Sunny Balwani in June 2018.

    link: https://twitter.com/RebeccaJarvis/status/1359255320003047424?s=20


    Don't know "who" this person is - but I have not heard anything besides this.

    I did find this in the court hearing - nothing for Balwani, but Holmes has a court hearing on there:

    Tuesday, Mar 23 2021
    10:00AM
    5:18-cr-00258-EJD-1 - USA v. Elizabeth A. Holmes
    AUSA: Jeffrey Schenk / DEF: Kevin Downey
    Motions in Limine Hearing

    link: CALENDAR
     
  9. Niner

    Niner Long time Websleuther

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    And of course not getting any current articles (over here) on "what" happened at the hearing for Balwani - maybe a local or @Seattle1 can find something?

    Not too sure if their trials will be the same day - as I have in my notes that Holmes will be tried first...
     
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  10. Seattle1

    Seattle1 #LiveLikeLizzy

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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.

    @Niner
     
  11. Seattle1

    Seattle1 #LiveLikeLizzy

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  12. Niner

    Niner Long time Websleuther

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    Okay - I was confused this morning - not enough coffee - now I see it is Balwani's trial that will start on 1/11/22 - and Holmes is still on 7/13/21.

    Thanks for setting me straight @Seattle1 ! :)
     
  13. Niner

    Niner Long time Websleuther

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    Thursday, Mar 25 2021

    10:00AM
    5:18-cv-01603-EJD - Securities and Exchange Commission v. Ramesh Sunny Balwani
    Status Conference

    link: CALENDAR
     
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