CA - Elizabeth Holmes (Theranos) Wire Fraud Thread *Guilty* #3

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  • #141
www.forbes.com

The Infatuation With Elizabeth Holmes’ Prison Term

Elizabeth Holmes was sentenced to 11 years and 3 months, but under new laws, that prison term could be drastically reduced.
www.forbes.com www.forbes.com

It doesn't matter, if EH did absolutely everything perfectly, (which I doubt), even if she gets out in five years, with good behavior and home release, five years is a long time to be incarcerated. And life on the outside, goes on, without her.
 
  • #142
  • #143
Smelly Squirrel said:
Videos of Holmes's depositions with the SEC were released a few months ago, around 17 hours total.

Elizabeth Holmes' SEC Deposition (July 11, 2017) Day 1/3 - YouTube

Elizabeth Holmes' SEC Deposition (July 13, 2017) Day 2/3 - YouTube

Elizabeth Holmes' SEC Deposition (August 23, 2017) Day 3/3 - YouTube

And here is a transcript file of all of them.

SEC.gov | Elizabeth Holmes Transcript

www.sec.gov www.sec.gov
Click to expand...
Thanks to a veritable monsoon of rain (which has made me super-bored), I have set about watching all 17 hours of this deposition. I appear to know more about Theranos than Elizabeth Holmes, since she appears to know virtually nothing, including anything about company financials.
 
  • #144
RickshawFan said:
Thanks to a veritable monsoon of rain (which has made me super-bored), I have set about watching all 17 hours of this deposition. I appear to know more about Theranos than Elizabeth Holmes, since she appears to know virtually nothing, including anything about company financials.
Click to expand...

Hilarious. Is she some sort of "Svengali" that magically made people want to throw cash at her?
 
  • #145
Oh.... the nanotainer was never approved for use by the FDA, and couldn't be used. Approx 15:58 ff. on July 13. Holmes was told to stop shipping them.

As far as I can tell, there was no FDA approval for any of the tests developed at Theranos (except maybe one of them later?). Approval was required. Holmes was running around telling investors Theranos was seeking FDA approval voluntarily.

This is the last topic before they're done for July. The coup de grâce all this stuff was about regulatory approval at the FDA, and it turns out it was all unapproved, including the tests, the nanotrainers, using modified commercial equipment, the capillary tubes. As far as I can tell.
 
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  • #146
mickey2942 said:
Hilarious. Is she some sort of "Svengali" that magically made people want to throw cash at her?
Click to expand...
I am feeling very entertained.

And, yes, she managed to get men to throw cash at her. SEC significantly has a woman conducting the deposition, a brilliant and incisive thinker with a vocabulary 10x Holmes's. She shows up Holmes just in her intellectual capacities and even how she constructs sentences.

IMO listening to this, Holmes would have done poorly at Stanford, and simply turned dropping out into a badge of genius.
 
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  • #147
August 23 Holmes is now a serious mess; her eyes and hairdo, wow. And then, frosting on the cake, the SEC questioner asks her to explain why her notes are inarticulate: Holmes puts periods after every word. Oh, the delicious humiliation in getting your grammar called out for being strange....when you think you're so smart. This questioner is rubbing it in!
 
  • #148
Does her sentence include never ever run a company? Forever disqualified as a director? Shocking.
 
  • #149
If you're short of time, and want a glimpse of EH getting pummeled by the brilliant SEC interrogator, watch the Aug 23 2017 deposition segment. The depth of this fraud is extraordinary.

One of the fun things about this deposition with the SEC...Holmes is told upfront what the rules are. They even call them rules! This whole deposition is a harbinger IMO of the effect of prison, which is, yes. RULES. Curiously, one of the rules here is that Holmes is not allowed to use her hands while talking. When she forgets and starts using them, she's able to get in her groove. But then they remind her..... At one point, an attorney places a coffee cup such that if she starts using her hands again, she'll knock over the cup. Natch, she did.

I figure she's gotta get used to having her hands in cuffs....
 
  • #150
Via Marple said:
Does her sentence include never ever run a company? Forever disqualified as a director? Shocking.
Click to expand...
There was punishment from the SEC that was separate from the criminal trial.

“As a result of Holmes’ alleged fraudulent conduct, she is being stripped of control of the company she founded, is returning millions of shares to Theranos, and is barred from serving as an officer or director of a public company for 10 years,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division. “This package of remedies exemplifies our efforts to impose tailored and meaningful sanctions that directly address the unlawful behavior charged and best remedies the harm done to shareholders.”

****
Theranos and Holmes have agreed to settle the fraud charges levied against them. Holmes agreed to pay a $500,000 penalty, be barred from serving as an officer or director of a public company for 10 years, return the remaining 18.9 million shares that she obtained during the fraud, and relinquish her voting control of Theranos by converting her super-majority Theranos Class B Common shares to Class A Common shares. Due to the company’s liquidation preference, if Theranos is acquired or is otherwise liquidated, Holmes would not profit from her ownership until – assuming redemption of certain warrants – over $750 million is returned to defrauded investors and other preferred shareholders.

SEC.gov | Theranos, CEO Holmes, and Former President Balwani Charged With Massive Fraud

www.sec.gov www.sec.gov
 
  • #151
arielilane said:
Elizabeth Holmes is now scheduled to be released from prison on Dec. 29, 2032. That's two years off her initial sentence.

https://twitter.com/x/status/1678736250381926401


www.courttv.com

Elizabeth Holmes' prison sentence cut by 2 years

Elizabeth Holmes is now scheduled to be released from prison on Dec. 29, 2032. That's two years off her initial sentence.
www.courttv.com www.courttv.com

Last updated 7:55 AM, July 11, 2023

(Scripps News) — Elizabeth Holmes, the disgraced founder of blood testing company Theranos, is now scheduled to be released from prison on Dec. 29, 2032, according to records from the Bureau of Prisons. That’s two years off her initial sentence.
Click to expand...
How did this happen… not too long ago she claimed that she can’t afford to make restitution payments to victims, and now she quietly cut two years off initial sentence? She's not been incarcerated that long! Moo

  • Above linked article only gives this insight as to the why:

"It’s not clear why Holmes’ term was shortened; the Bureau did not respond to a request for comment by Scripps News. But inmates can be released early for a variety of reasons like good conduct, jail-time credit, program completion and more."
 
  • #152
arielilane said:
How did this happen… not too long ago she claimed that she can’t afford to make restitution payments to victims, and now she quietly cut two years off initial sentence? She's not been incarcerated that long! Moo

  • Above linked article only gives this insight as to the why:

"It’s not clear why Holmes’ term was shortened; the Bureau did not respond to a request for comment by Scripps News. But inmates can be released early for a variety of reasons like good conduct, jail-time credit, program completion and more."
Click to expand...
ARRGH! I'm so disgusted with the judicial system- Leslie Van Houten got paroled, Sherri Papini is getting out early, now Holmes gets a reduced sentence, and we can't get my cousin's murderer to trial yet. What's the point???
 
  • #153
LinasK said:
ARRGH! I'm so disgusted with the judicial system- Leslie Van Houten got paroled, Sherri Papini is getting out early, now Holmes gets a reduced sentence, and we can't get my cousin's murderer to trial yet. What's the point???
Click to expand...
Don't be fooled by these click bait headlines.

EH's automatically gets a sentence reduction. They all do. 85% of 135 months is around 2 years.

The Federal Bureau Of Prisons (BOP) does not deviate from their strict "no parole" guidelines, for anyone except like with high risk people during covid or prisoners completing a few specific programs. Like if a person before arrest had a substance abuse problem and completes a program they can get a small reduction, possibly a couple other specific programs.

Inmates serve 85% of their sentences but can do the last year in a half way house.

They all go in with the 15% reduction in sentence at the get go and this is added to if they break a serious rule like cell phone usage, violence or drugs, not for simple infractions.

There are exceptions of course for people like Allison Mack who PLED GUILTY AND COOPERATED and served at least 2 years at home on a monitor - very strict.

Allison Mack, who was convicted on racketeering and conspiracy charges in 2021 in connection to the Nxivm sex trafficking scandal1, was released early from prison this week1. The reason behind her early release is currently unknown but some factors that may have contributed are her low-risk offender status, her two years of pretrial detention, and her cooperation with prosecutors against Keith Raniere4, the leader of the sex trafficking group.
 
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  • #154
  • #155
www.medtechdive.com

Walgreens to pay $44M to settle claims over fraudulent Theranos tests

If a judge approves the settlement, patients who bought a Theranos blood test would receive double the amount they paid for it.
www.medtechdive.com www.medtechdive.com
  • Walgreens Boots Alliance reached a settlement with consumers who said the pharmacy chain misled them about Theranos’ fraudulent blood tests.
  • Walgreens will pay $44 million into a fund, which will be paid out to members of the class, if an Arizona judge approves the deal, according to court documents filed Wednesday.
  • The plaintiffs also reached a settlement with former Theranos COO Ramesh “Sunny” Balwani, but were unable to come to an agreement with former CEO and founder Elizabeth Holmes.
 
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