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

[Smelly Squirrel]

48m
#Breaking: Elizabeth Holmes has arrived at the courthouse for her sentencing.

With video.

https://twitter.com/x/status/1593658404517445633

For people asking for a live stream, federal trials are never televised.

 

[LaborDayRN]

Following here

Elizabeth Holmes Sentenced to More Than 11 Years in Prison for Theranos Scam

Disgraced Theranos CEO Elizabeth Holmes on Friday was sentenced to more than 11 years after she was convicted on three felony counts of wire fraud and one felony count of conspiracy to commit fraud.

www.nbcbayarea.com

Thank you @whitelilac

 

[Niner]

Still arguing....

Dorothy Atkins
@doratki
Holmes' counsel says the gov't is conflating facts about Theranos' tests. Moving on, the attorneys are arguing over whether Holmes should get a tougher sentence b/c she hasn't admitted she's guilty. Feds say 'yea,' defense says 'nay.'

To be clear, Holmes' counsel says the issue is whether Holmes deserves a lesser sentence for accepting responsibility, and overhauling the co in 2016 while she was CEO and offering to forego a salary. "We don't punish defendants for exercising their trial right," he says.

On another topic, prosecutors want a tougher prison sentence for Holmes' leadership role and her authority at Theranos, which was "second to none" - not even Balwani. The judge clarifies he wants to know how she had a leadership role in her conspiracy with Balwani, not at the co.

Prosecutor argues that legally it doesn't matter if Holmes led the conspiracy w/ Balwani or not for the sentencing enhancement the gov't seeks.


link:

https://twitter.com/x/status/1593600370961358848

 

[Niner]

Following here

Elizabeth Holmes Sentenced to More Than 11 Years in Prison for Theranos Scam

Disgraced Theranos CEO Elizabeth Holmes on Friday was sentenced to more than 11 years after she was convicted on three felony counts of wire fraud and one felony count of conspiracy to commit fraud.

www.nbcbayarea.com

Dang - I get a blank screen... guess I will continue with the tweets...

 

[Niner]

So there is no live stream since this is a Federal case?

Tweets are not coming too fast either...

 

[Niner]

still arguing...


Dorothy Atkins
@doratki
·
1m
The attorneys rehashed a lot of the same arguments made at trial over whether Elizabeth Holmes ever actually profited from Theranos, because she never cashed in her shares, before moving on to how to calculate the number of investor victims to inform her sentence.

Holmes' counsel argues that the court should use a "clear and convincing" evidentiary standard to determine if certain investors were victims, b/c it expands the amount of loss at issue. (The higher the loss, the tougher the sentence.) This is getting into legal nerd territory.

It sounds like Ninth Circuit case law is murky on what the proper evidentiary standard is to calculate the number of victims (ie. the tougher "clear and convincing" standard versus preponderance of evidence, which prosecutors suggest). The attys are arguing over it.



link: https://twitter.com/doratki

 

[whitelilac]

This seems so unusual. Wouldn't these arguments going on already have been dealt with before today? Surely the judge had this information before sentencing day?

 

[LaborDayRN]

This seems so unusual. Wouldn't these arguments going on already have been dealt with before today? Surely the judge had this information before sentencing day?

I was just thinking the same thing.

 

[Herat]

My guess is that Holmes and her attorney think she is so special she should get a second go round on the verdict and the sentencing.

I hope the judge can get back to presiding and shut them down with more than 9 years in prison.

 

[Niner]

Still arguing - only a couple of tweets - I am waiting for more...

 

[whitelilac]

If Holmes is sentenced to what the defense has proposed, it's going to set a pretty bad precedent.
These Silicon Valley entrepreneurs and start ups can exaggerate and lie about their products, thinking that if they get caught, they won't really be punished. The worst that could happen is one or two years in home confinement.

 

[Seattle1]

Still arguing - only a couple of tweets - I am waiting for more...

Court just started a 15 min break...

 

[Niner]

Dorothy Atkins
@doratki
The attorneys are shifting their arguments into debating how to calculate the loss amount. Prosecutors say loss estimates doesn't need to be exact and they calculate it at $804 million, but Elizabeth Holmes' counsel disagrees.

For his part, the judge has asked relatively few questions. He asked defense counsel whether the investors are severable (Downey says yes), and he asked a prosecutor if it matters if investors didn't know they were overpaying for Theranos stock. (Bostic says it does.)

Elizabeth Holmes' counsel argues that the investor loss calculation should be in the $40 million to $48 million range, not $804 million, which prosecutors argue.

We're taking a 15 minute break. Gotta charge the computer. Brb

The court has adopted a confusing token system to leave and enter the courtroom. This time I got my lucky number 10.


link: https://twitter.com/doratki

 

[Niner]

Sorry kids - but it is my bedtime over here - I can post the rest of the tweets in the morning - unless someone wants to do Dorothy's - link above.

Guess I will - hopefully -know the verdict in the morning... and it is NOT continued!

 

[Herat]

Dorothy Atkins
@doratki
The attorneys are shifting their arguments into debating how to calculate the loss amount. Prosecutors say loss estimates doesn't need to be exact and they calculate it at $804 million, but Elizabeth Holmes' counsel disagrees.

For his part, the judge has asked relatively few questions. He asked defense counsel whether the investors are severable (Downey says yes), and he asked a prosecutor if it matters if investors didn't know they were overpaying for Theranos stock. (Bostic says it does.)

Elizabeth Holmes' counsel argues that the investor loss calculation should be in the $40 million to $48 million range, not $804 million, which prosecutors argue.

We're taking a 15 minute break. Gotta charge the computer. Brb

The court has adopted a confusing token system to leave and enter the courtroom. This time I got my lucky number 10.


link: https://twitter.com/doratki

$40 to $80 million ? Ha ha ha

She and her attorney are such slithering snakes.

I wonder if she put all her ill-gotten proceeds into a bitcoin operation, like FTX - just like all those ultra-smart celebrities and Silicon Valley types did.

 

[Smelly Squirrel]

FTX is why this sentencing needs to be a strong deterrent to other scammers.

 

[whitelilac]

Geez, Paula would give her 3 years or so.

 

[whitelilac]

guideline calculation Judge states is 11 to 14 yrs.....

 

[Smelly Squirrel]

And now he's hearing arguments on his guideline.

 

[Smelly Squirrel]

Erin Griffith is another one live tweeting this.

https://twitter.com/x/status/1593709536229003264