Elizabeth Holmes, the founder of Theranos, was found guilty of defrauding investors in her blood-testing start-up, which once had a $9 billion valuation. She was given a sentence of more than 11 years in prison.
She pleaded liable on multiple charges of fraud by a panel of judges four years after the defeat of her blood-testing start-up. In a federal courtroom in San Jose, the scandal-plagued former CEO of Theranos, Elizabeth Holmes, received her sentence in writing. However, according to the sources, Elizabeth Holmes still has at least one more chance to avoid going to jail.
Possible Strategies Holmes Could Use To Stay Out Of Jail For As Long As Possible
The expected outcome of Holmes’ case appeal, which her attorneys must file within two weeks, will determine whether she can remain free. Holmes has the right to ask to stay free of custody while the 9th Circuit Court of Appeals reviews her appeal after it has been filed.
Initially, Judge Edward Davila has been requested by federal prosecutors to sentence Holmes to 15 years in prison. Also, Holmes will be subject to a more than $800 million fine.
According to them, she deserved that punishment for defrauding investors of hundreds of millions of dollars by falsely claiming that she had invented a cutting-edge blood testing device.
Overall, Incarceration Is A Tough Fight
According to legal experts, Holmes still has a way out to avoid serving time in prison. Suppose the slain Silicon Valley mega star submits an appeal. She will then make her appeals and request to be released from custody during the punishment.
So, until then, she will be free, and it will be clear whether she will begin serving her sentence. However, this is a lengthy procedure.
Judge Edward Davila, who handed down her sentence and oversaw her trial, was the first person she would need to persuade. Additionally, Holmes will have to argue her case at the trial of her co-defendant Ramesh “Sunny” Balwani, to show that she is entitled to a stay of execution.
At the same time, her appeal is heard by an appeals court. Her request would then need to be successful. Except if the court of appeals decides that Davila failed to anticipate Holmes’ sentence in conformance with the U.S. Sentencing Laws, it cannot reverse Davila’s sentence. If Holmes asked for more time in freedom, it’s hard to know how Davila would respond.
Even when a court appeal is pending, the accused may occasionally be imprisoned by the law. However, Judge Davila would be required to consider all of the relevant factors before making that choice.
The same criteria were used to decide whether to keep Holmes out on bail following her arrest and until her sentencing was considered. Such considerations could be things like whether or not her crime engaged violence, if she has a prior conviction, whether or not she poses a flight threat, and other similar concerns.
Elizabeth Holmes’ Meteoric Rise And Precipitous Fall
The world belonged to Elizabeth Holmes in 2014 when she was 30 years old. She had founded Theranos, a $9 billion company that vowed that its Edison test could quickly diagnose diseases like cancer and diabetes with just a few samples of blood.
As Holmes claimed, the Edison test was developed by Theranos. She garnered sizeable investments from some influential businessmen, including James Mattis, the general, and Henry Kissinger.
Holmes’ fraud was revealed in less than a year. In 2018, the business she founded failed since the technology she promoted was useless.
Theranos’ flagship product is allegedly misrepresented to doctors and patients on purpose, according to the prosecution, who also accuses Holmes of greatly sensationalizing the company’s success to its wealthy supporters.
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