CA - Elizabeth Holmes (Theranos) Wire Fraud Thread *Guilty* #2

[Smelly Squirrel]

From Dorothy Atkins

The prosecutor is giving basically what sounds like a mini closing argument. He says the Theranos startup failed b/c of the fraud, and not b/c a lot of tech startups fails, as Holmes’ counsel argues.

Prosecutor Schenk admits Holmes didn’t gain financially by cashing in stock, but he says that’s a “modest” mitigating factor given the fame and luxury lifestyle she achieved as CEO.

Schenk says the attention to Theranos “was brought by the defendant” and therefore there’s a need to generally deter the public from similar conduct in the future by issuing a tough sentence.

 

[whitelilac]

I'm really appreciating this legal analyst Dean Johnson who is speaking. Very informative.

 

[LaborDayRN]

Does anyone know if this is expected to wrap up today or if it will be a multiday sentencing?

 

[whitelilac]

Does anyone know if this is expected to wrap up today or if it will be a multiday sentencing?

No idea....I hope not.
ie I hope it wraps up today

 

[LaborDayRN]

No idea....I hope not.
ie I hope it wraps up today

Me too.

 

[RickshawFan]

Does anyone know if this is expected to wrap up today or if it will be a multiday sentencing?

The judge sounds like he has it generally decided. Now to make it more specific....

 

[RickshawFan]

You can't see the Muskverse Twitter unless you're logged into an account. Grrrrrrr......

 

[whitelilac]

Yes! ...what Dean Johnson is saying.
This will warn entrepreneurs that " fake it till you make it" attitude is not going to work anymore.

A classmate of my daughter is in this category....also a medically related business in which he's making millions with a formula that increases "brain power". Absolute bunk imo.
He was always an arrogant money hungry jerk in HS too.

 

[Smelly Squirrel]

Defense spoke and finished up and now Alex Shultz is speaking. He and his son Tyler Shultz may be the only victims speaking.

 

[mickey2942]

I guess that I don't understand why this is so long, drawn out, and difficult.

Holmes was found guilty.
Recommendations from probation: nine years
Defense wants 18 months.
Prosecution wants 15 years.

My opinion is just look at it, go for 10 years, call it done. Next.

No wonder our judicial system is so backed up. Maybe I just don't get why this merits a full day of drama.

 

[Smelly Squirrel]

Holmes is now speaking and crying.

From Atkins.

Elizabeth Holmes is speaking. She’s crying reading a speech. She thanks the court for the courtesy and respect. She says she stands before him taking responsibility for Theranos.

Elizabeth Holmes says the Theranos workers worked tireless “I am devastated by failings. Ever day for the past few years I’ve felt deep pain” that she failed her workers and investors and the patients she worked so hard to serve. “I gave everything I had to build our company.”

“I regret my failings with every cell of my body,” Elizabeth Holmes says. She quotes Rumi and says she tried to change the world with Theranos, but she now wants to apply the lessons she learned to her life going forward. She finished, crying through most of her speech

 

[RickshawFan]

Why are they giving this woman a whole extra day for this kind of fuss? It should be slam bam thank you ma'am DONE, just like it would be for everyone else.

 

[Herat]

Holmes is now speaking and crying.

From Atkins.

Elizabeth Holmes is speaking. She’s crying reading a speech. She thanks the court for the courtesy and respect. She says she stands before him taking responsibility for Theranos.

Elizabeth Holmes says the Theranos workers worked tireless “I am devastated by failings. Ever day for the past few years I’ve felt deep pain” that she failed her workers and investors and the patients she worked so hard to serve. “I gave everything I had to build our company.”

“I regret my failings with every cell of my body,” Elizabeth Holmes says. She quotes Rumi and says she tried to change the world with Theranos, but she now wants to apply the lessons she learned to her life going forward. She finished, crying through most of her speech

Oh gawd.

Why is the court being punished.

I thought SHE was the one being sentenced.

 

[Smelly Squirrel]

The judge is now speaking, sounds like he's going to give his sentence now.

 

[RickshawFan]

EH thoughtlessly conceived a child while on the verge of going to prison.....

 

[mickey2942]

---

EH thoughtlessly conceived a child while on the verge of going to prison.....

Just another prop. Didn't work. 11 years. The child will be ready for 6th grade.

 

[RickshawFan]

---

Just another prop. Didn't work. 11 years. The child will be ready for 6th grade.

Yes, a prop. Despicable.

Did you say 11 years?

 

[Smelly Squirrel]

Her it is from Atkins.

Judge Ed Davila sentence Elizabeth Holmes to 11.25 years in prison plus 3 years of supervised release.

 

[LaborDayRN]

Yes, a prop. Despicable.

Did you say 11 years?

And this is her second pregnancy since the beginning of her charges. There will be two wee ones who will only see their mother on visitation days.

 

[Smelly Squirrel]

The judge set a surrender date for April 27.

Damn, everything takes so much longer in federal court