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So, how many years is he looking at?
GUILTY CA - Ramesh “Sunny” Balwani, 56, (Theranos), wire fraud charges
- Thread starter UndiscoveredTruth
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“Mr Balwani is not a victim. He is the perpetrator of the fraud,” prosecutor Jeffrey Schenk said near the end of his three-and-a-half-hour closing arguments.
Prosecutors also displayed texts from Balwani to Holmes in which he said: “I am responsible for everything at Theranos. All have been my decisions too.” Defense attorneys depicted Balwani as a loyal soldier who under the direction of Holmes tried to save the blood-testing company. <snip>
In her own trial, Holmes accused Balwani of abuse – charges he strongly denied.
The guilty verdicts for both Holmes and Balwani have been seen as an indictment of the tech industry, and the end of an era in which companies can ride unchecked hype backed by little substance to large amounts of funding. Prosecutors underscored throughout the trial the real-world impact of Theranos, including tests that inaccurately told patients they were experiencing miscarriages or cancer.
“The story of Theranos is a tragedy,” Schenk said in closing arguments.
Former Theranos exec Sunny Balwani convicted of 12 counts of fraud
Prosecutors also displayed texts from Balwani to Holmes in which he said: “I am responsible for everything at Theranos. All have been my decisions too.” Defense attorneys depicted Balwani as a loyal soldier who under the direction of Holmes tried to save the blood-testing company. <snip>
In her own trial, Holmes accused Balwani of abuse – charges he strongly denied.
The guilty verdicts for both Holmes and Balwani have been seen as an indictment of the tech industry, and the end of an era in which companies can ride unchecked hype backed by little substance to large amounts of funding. Prosecutors underscored throughout the trial the real-world impact of Theranos, including tests that inaccurately told patients they were experiencing miscarriages or cancer.
“The story of Theranos is a tragedy,” Schenk said in closing arguments.
Former Theranos exec Sunny Balwani convicted of 12 counts of fraud
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The 57-year-old businessman had pleaded not guilty and now faces as many as 20 years in prison. Holmes is out on bail and will be sentenced on 26 September. Balwani will be sentenced on 15 November.
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Thank you @Auntie Cipation - and yes I was asleep! 
Recap of verdicts:
Count 1 - Conspiracy to defraud Theranos investors - GUILTY
Count 2 - Conspiracy to defraud Theranos paying patients - GUILTY
Count 3 - Wire fraud investor Alan Eisenman $99,990 - GUILTY
Count 4 - Wire fraud investor Black Diamond Chris Lucas $5.35 million - GUILTY
Count 5 - Wire fraud investor Hall Group Brian Tolbert $4.88 million - GUILTY
Count 6 - Wire fraud investor Brian Grossman $38.3 million - GUILTY
Count 7 - Wire fraud investors DeVos family $100 million - GUILTY
Count 8 - Wire fraud investor ex-Cravath atty Dan Mosley $6 million - GUILTY
Count 9 - Wire fraud investors in connection with a wire transmission involving a telephone call about patient Brent Bingham’s laboratory blood test results - GUILTY
Count 10 - Wire fraud against Theranos paying patients for transmitting patient Erin Thompkins bogus HIV blood test results - GUILTY
Count 11 - Wire fraud against Theranos paying patients for transmitting patient Mehrl Ellsworth’s bogus prostate cancer blood test results - GUILTY
Count 12 - Wire Fraud against Theranos paying patients in connection with $1.13 million in ads in Arizona - GUILTY
Dorothy Atkins
@doratki
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10h
Judge Davila is on the bench. He asks the attorneys if they want to set a sentencing date now, and any post-trial motions. Prosecutor Jeff Schenk says he thinks it makes sense to refer Balwani to probation and set his sentencing for sometime in November.
Judge Ed Davila just set Sunny Balwani's sentencing for Nov. 15 at 10 a.m. and he is referring Balwani to the probation office for the pre-sentencing report.
Prosecutor Jeff Schenk says the gov't wants to modify Sunny Balwani's unsecured bond from $500k and change it to a $1M secured bond backed by either property or cash. "Mr Balwani's travel should now be restricted to the Northern District of Calif." unless preapproved, he adds.
Schenk wants the court to remind Balwani he can't apply for travel documents (the gov't currently has his passport so he can't travel to India where some family members are).
Balwani's attorney Jeff Coopersmith notes that Balwani is a US citizen and he's never violated court orders before. He also asks the court to keep Balwani's secured bond at $500k, because that's what Elizabeth Holmes' bond was.
Prosecutor Jeff Schenk says the govt's bond modification request incorporates Balwani's past compliance w/ court orders, but the increased bond amount is justified given his conviction on all counts, and Balwani "has assets sufficient to cover such a [$1M] bond."
Judge Davila: "Well the landscape has changed, I recognize that. There's been a conviction." The judge says "I do think it's appropriate to adjust the amount to $750k given the circumstances."
Judge Davila says he'll modify Sunny Balwani's bond from unsecured to secured and increase it from $500k to $750k. That's all from the judge.
I've been told by other reporters that none of the jurors agreed to comment, and they left the courthouse together in a group all at once. Too bad. Really would have liked to ask that one guy who kept falling asleep for tips on combatting insomnia.
link:
Recap of verdicts:
Count 1 - Conspiracy to defraud Theranos investors - GUILTY
Count 2 - Conspiracy to defraud Theranos paying patients - GUILTY
Count 3 - Wire fraud investor Alan Eisenman $99,990 - GUILTY
Count 4 - Wire fraud investor Black Diamond Chris Lucas $5.35 million - GUILTY
Count 5 - Wire fraud investor Hall Group Brian Tolbert $4.88 million - GUILTY
Count 6 - Wire fraud investor Brian Grossman $38.3 million - GUILTY
Count 7 - Wire fraud investors DeVos family $100 million - GUILTY
Count 8 - Wire fraud investor ex-Cravath atty Dan Mosley $6 million - GUILTY
Count 9 - Wire fraud investors in connection with a wire transmission involving a telephone call about patient Brent Bingham’s laboratory blood test results - GUILTY
Count 10 - Wire fraud against Theranos paying patients for transmitting patient Erin Thompkins bogus HIV blood test results - GUILTY
Count 11 - Wire fraud against Theranos paying patients for transmitting patient Mehrl Ellsworth’s bogus prostate cancer blood test results - GUILTY
Count 12 - Wire Fraud against Theranos paying patients in connection with $1.13 million in ads in Arizona - GUILTY
Dorothy Atkins
@doratki
·
10h
Judge Davila is on the bench. He asks the attorneys if they want to set a sentencing date now, and any post-trial motions. Prosecutor Jeff Schenk says he thinks it makes sense to refer Balwani to probation and set his sentencing for sometime in November.
Judge Ed Davila just set Sunny Balwani's sentencing for Nov. 15 at 10 a.m. and he is referring Balwani to the probation office for the pre-sentencing report.
Prosecutor Jeff Schenk says the gov't wants to modify Sunny Balwani's unsecured bond from $500k and change it to a $1M secured bond backed by either property or cash. "Mr Balwani's travel should now be restricted to the Northern District of Calif." unless preapproved, he adds.
Schenk wants the court to remind Balwani he can't apply for travel documents (the gov't currently has his passport so he can't travel to India where some family members are).
Balwani's attorney Jeff Coopersmith notes that Balwani is a US citizen and he's never violated court orders before. He also asks the court to keep Balwani's secured bond at $500k, because that's what Elizabeth Holmes' bond was.
Prosecutor Jeff Schenk says the govt's bond modification request incorporates Balwani's past compliance w/ court orders, but the increased bond amount is justified given his conviction on all counts, and Balwani "has assets sufficient to cover such a [$1M] bond."
Judge Davila: "Well the landscape has changed, I recognize that. There's been a conviction." The judge says "I do think it's appropriate to adjust the amount to $750k given the circumstances."
Judge Davila says he'll modify Sunny Balwani's bond from unsecured to secured and increase it from $500k to $750k. That's all from the judge.
I've been told by other reporters that none of the jurors agreed to comment, and they left the courthouse together in a group all at once. Too bad. Really would have liked to ask that one guy who kept falling asleep for tips on combatting insomnia.
link:
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Thank you to all who've posted trial info since I last logged on. Have been busy with offline stuff ugh. Can't wait until their sentencing dates arrive. 
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Don't know if anyone is interested in this:
news.yahoo.com
Legal analyst discusses Balwani verdict
Former Santa Clara County District Attorney Steven Clark weighs in on the conviction of former Theranos executive Sunny Balwani in his criminal fraud case in San Jose, and how it compares to the Elizabeth Holmes trial
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How the two Theranos trials led to different outcomes for Elizabeth Holmes, Sunny Balwani
Holmes and Balwani were convicted on different charges.ByIvan Pereira
July 08, 2022, 1:46 PM
<snip>
Jarvis said Holmes taking the stand was a key factor in the different outcomes.
"[The abuse claims] did not come up at his trial, but for during [Holmes'] seven days of testimony, they were a big portion of what she talked about," Jarvis told "Start Here."
"The biggest difference is that he didn't take the stand to say, 'I didn't do this,' or...raise his own objections to the claims against him." more at link: How the two Theranos trials led to different outcomes for Elizabeth Holmes, Sunny Balwani
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Former Theranos executive Ramesh Balwani is convicted of fraud
The jurors found Balwani guilty on all 12 counts of defrauding both Theranos investors and the patients.
www.npr.org
Former Theranos executive Ramesh Balwani is convicted of fraud
The jurors found Balwani guilty on all 12 counts of defrauding both Theranos investors and the patients.
www.npr.org
7/7/22
The 12 jurors found Balwani guilty on all 12 felony counts of defrauding both Theranos investors and the patients who relied on wildly unreliable blood tests that could have jeopardized their health.
Balwani sat impassively as the verdicts were read, blinking frequently.
The outcome puts Balwani and Holmes in similar situations. Holmes was convicted on four counts of investor fraud and conspiracy earlier this year. During that trial, Holmes tearfully accused Balwani of sexually emotionally abusing her while they were lovers. An attorney for Balwani has vehemently denied those charges.
Both Holmes, 38, and Balwani, 57, face up to 20 years in prison.
Holmes is scheduled to be sentenced in late September. The date of Balwani's sentencing is expected to be set in the coming days.
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Former Theranos COO is guilty of federal fraud
Ramesh "Sunny" Balwani, the former COO of failed blood testing startup Theranos and ex-boyfriend of founder Elizabeth Holmes, was found guilty of defrauding investors and patients.
www.cnn.com
Updated 5:33 PM EDT, Thu July 7, 2022
CNN Business —
Ramesh “Sunny” Balwani, the former COO of failed blood testing startup Theranos and ex-boyfriend of founder Elizabeth Holmes, was found guilty of defrauding investors and patients.
Jury deliberations stretched for four full days following a lengthy trial that got underway in March with opening statements. A jury of five men and seven women determined that Balwani had defrauded both patients and investors, finding him guilty on all 12 charges he faced, which included ten counts of federal wire fraud and two counts of conspiracy to commit wire fraud.
During Holmes’ trial, a separate jury acquitted her on charges pertaining to defrauding patients, and were not able to reach a unanimous verdict on three of the charges concerning defrauding investors. She was found guilty on four charges relating to investors.
[..]
Balwani showed little emotion as his fate was read aloud. Afterward, he briefly huddled with a small support system present in the courtroom. The verdict comes roughly six months after Holmes’ trial concluded.
[..]
In a written statement to CNN Business, Balwani defense attorney Jeffrey Coopersmith of Orrick, Herrington & Sutcliffe said: “We are obviously disappointed with the verdicts. We plan to study and consider all of Mr. Balwani’s options including an appeal.”
[..]
Balwani’s verdict marks an end to a rare criminal fraud case against two Silicon Valley startup executives and the final chapter of a company, and a founder, once viewed as a posterchild for the entrepreneurial dream of building a disruptive product with the potential to change the world.
“Balwani is a reminder that she, like everyone, didn’t do it by herself,” Margaret O’Mara, a historian of the tech industry and professor at the University of Washington told CNN Business. “He still had a significant role running the company.”
[..]
While Holmes’ stunning rise and fall is likely what most will remember about the story of Theranos in years to come, O’Mara said Balwani is actually “more representative of the Valley in terms of his career.”
[..]
Originally from South Asia, Balwani moved to the United States on a student visa in 1986 to attend college in Texas. After graduating, he came to Silicon Valley and worked for tech companies such as Lotus and Microsoft. He went on to start an e-commerce company, which he eventually sold. By 2002, he was back in school to get his MBA.
As Holmes testified in her own defense in her trial, the two forged a friendship. They kept in touch and their relationship ultimately turned romantic. By 2005, the year after Holmes dropped out of Stanford to work full-time on Theranos, the pair were living together.
Balwani took a formal role at Theranos in 2009, shortly after guaranteeing a $10 million loan to the company. At the recommendation of Theranos’ board, according to Balwani’s defense, he would eventually take on the role of COO and president. Their romantic relationship, however, was largely kept private from investors, employees and business partners.
[..]
In 2018, following nearly two years of turmoil, Holmes and Theranos settled “massive fraud” charges with the US Securities and Exchange Commission, but did not admit to or deny any of the allegations as part of the deal. Balwani, on the other hand, is fighting the charges. Coopersmith, the attorney also representing him in his criminal trial, said in a statement at the time that he “accurately represented Theranos to investors to the best of his ability.”
[..]
Mark MacDougall, a white-collar defense lawyer and former federal prosecutor, said both the prosecution and the defense likely benefited by being able to see how evidence and witness testimony fared with jurors in Holmes’ trial. “Each side in Sunny’s trial would have made adjustments based on the outcome of the Holmes case, which could account for a different verdict,” he said.
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Long before the criminal charges, EH settled the SEC claim in 2018.
On the other hand, co-defendant RSB not only wanted a trial for the SEC claims, he was granted more than 5 years of relief to postpone this trial until after his criminal case was heard.
It's a fact that RSB had already been there, done that (a Silicon Valley veteran), and after seeing all the evidence, it came as no surprise to me that the jury recognized his guilt in 12 of 12 charges.
And his defense team had all the benefits of watching a dress rehearsal months earlier! MOO
On the other hand, co-defendant RSB not only wanted a trial for the SEC claims, he was granted more than 5 years of relief to postpone this trial until after his criminal case was heard.
It's a fact that RSB had already been there, done that (a Silicon Valley veteran), and after seeing all the evidence, it came as no surprise to me that the jury recognized his guilt in 12 of 12 charges.
And his defense team had all the benefits of watching a dress rehearsal months earlier! MOO
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She still should have been convicted at least of defrauding the patients at minimum, and the other investor, IMO. I think that her feminine wiles may have come into play perhaps with some of the jurors.
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^^BBM
While I think we are all looking forward to EH and RSB being sentenced for their ultimate fraud, I also think anybody that's served on a federal or state case (especially multiple weeks long), would find this opinion very disrespectful to the men & women that spent 18 weeks of their lives as jurors! I know I do.
From the mouths of the jurors:
Jurors quickly agreed to find Ms. Holmes guilty of four counts of defrauding investors because she had given information — including inaccurate financial projections and altered reports — that jurors found purposefully misleading, Ms. Stefanek said.
They also decided to find her not guilty on four counts of defrauding patients because Ms. Holmes had too much distance from the patients to have intentionally defrauded them, she said.
But they deadlocked on three additional investor counts because they disagreed on whether there was enough evidence that those investors had been lied to, Ms. Stefanek said.
On Jan. 3, after seven days of deliberations, Judge Davila asked jurors to fill out the verdict form on the eight counts they agreed on. Then they were asked to file into the courtroom so the courtroom deputy could read the verdict.
What It Was Like on the Elizabeth Holmes Jury for 18 Weeks
Away from the media frenzy, jurors dealt with the trial’s disruption to their lives and had little idea of the case’s implications.
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Judge Davila is taking a lot of time off in Aug & Sept but I'm sure he'll be back in November. I believe this is why the calendar defaulted to the Breyer.
Judge Davila is unavailable the following dates:
April 29
May 2-6
May 24 and 25
May 31
June 1-3
July 18-22
August 17, 18, 24, 25, 26
September 1-2, 6-9, 12-16, 19-23
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Docket update: - guessing he wants his sentencing hearing continued...
Monday, Nov 7 2022
10:00AM
5:18-cr-00258-EJD - USA v. Ramesh Balwani
Motion to Continue
Tuesday, Nov 15 2022
10:00AM
5:18-cr-00258-EJD-2 - USA v. Ramesh Sunny Balwani
AUSA: Jeffrey Schenk / DEFT: Jeffrey Coopersmith / PROB: Jessica Goldsberry
Sentencing
link: CALENDAR
Monday, Nov 7 2022
10:00AM
5:18-cr-00258-EJD - USA v. Ramesh Balwani
Motion to Continue
Tuesday, Nov 15 2022
10:00AM
5:18-cr-00258-EJD-2 - USA v. Ramesh Sunny Balwani
AUSA: Jeffrey Schenk / DEFT: Jeffrey Coopersmith / PROB: Jessica Goldsberry
Sentencing
link: CALENDAR
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Monday, November 7th:
*Motions Hearing (@ 9:30am PT) - CA – *Ramesh “Sunny” Balwani (53/now 57) (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. Another count of wire fraud was added in 2020, bringing the total number of felony charges to 12. Plead not guilty. Unsecured bon $500K was modified (7/7/22) to secured $750K 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. Plead not guilty.
Federal Court 5:18-cr-00258-EJD-2 DOB 6/13/65 / SEC 5:18-cv-01603 filed 3/14/18 pending; plead not guilty.
Defrauding investors out of $700 million in funding for their blood-testing startup Theranos.
Trial began on 3/22/22 & ended 7/7/22. Jury left: 12 jurors (8 women & 4 men) & 2 alternates (2 men). Jury change: Judge excused #10 (vacation plans) & replaces her with alternate #5. Jury Self: 12 jurors (7 women & 5 men) & 1 alternate (man). See post #203 here for jury eliminations:
https://www.websleuths.com/forums/t...56-theranos-wire-fraud-charges.614821/page-11
Jury Deliberations: 6/24/22 Day 1: ~2 hours. Total: ~2 hours. 6/28/22 Day 2: ~8 hours. Total: ~10 hours. 6/29/22 Day 3: ~8 hours. Total: ~18 hours. 7/5/22 Day 4: ~8 hours. Total: ~26 hours. 7/6/22 Day 5: ~7 hours. 7/7/22 Day 6: ~2 hours. Total: ~35 hours of deliberations. Returned with a verdict of guilty of all 12 charges.
Indictment & court info from 4/11/20 thru 3/8/22 & Jury selection (Day 1-4) 3/9/22 to 3/15/22 & 3/16 to 3/21/22 & Trial Days 1-2 (3/22 to 3/23/22) & hearing on 3/29/22 & 4/12/22 & Trial Days 3-14 (3/30 to 4/29/22) & 5/3/22 & Trial Days 15-20 (5/4 & 5/20/22) & 5/17, 5/19, 5/23 & 6/10/22 (no jurors) & Trial Days 21-29 (6/21 & 6/28-6/29, 7/5-7/6/22) & Jury Deliberations Day 1-5 (6/24 & 6/28-6/29, 7/5 & 7/6/22) reference post #237 here:
https://www.websleuths.com/forums/t...56-theranos-wire-fraud-charges.614821/page-12
7/7/22 Thursday, Trial Day 30/Jury Deliberations Day 6: Balwani has been found guilty of all 12 criminal charges against him. Judge Ed Davila just set Balwani's sentencing for 11/15/22 at 10am & he is referring Balwani to the probation office for the pre-sentencing report. Judge Davila says he'll modify Balwani's bond from unsecured to secured & increase it from $500K to $750K.
for more info see post #244 here:
https://www.websleuths.com/forums/t...56-theranos-wire-fraud-charges.614821/page-13
10/25/22 Update: Motion to continue hearing on 11/7/22 @ 10am. 11/4/22 Update: Hearing changed to 9:30am.
*Elizabeth A. Holmes (34/now 38) (CEO of Theranos) – Trial began on 9/8/21 & ended 1/3/22 with a verdict of guilty on 4 counts of 11. Sentencing hearing was to be on 10/17/22 but was delayed with motions for new trial Filed (5/27/22) for dismissal of all charges. Sentencing hearing on 11/18/22.
*Motions Hearing (@ 9:30am PT) - CA – *Ramesh “Sunny” Balwani (53/now 57) (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. Another count of wire fraud was added in 2020, bringing the total number of felony charges to 12. Plead not guilty. Unsecured bon $500K was modified (7/7/22) to secured $750K 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. Plead not guilty.
Federal Court 5:18-cr-00258-EJD-2 DOB 6/13/65 / SEC 5:18-cv-01603 filed 3/14/18 pending; plead not guilty.
Defrauding investors out of $700 million in funding for their blood-testing startup Theranos.
Trial began on 3/22/22 & ended 7/7/22. Jury left: 12 jurors (8 women & 4 men) & 2 alternates (2 men). Jury change: Judge excused #10 (vacation plans) & replaces her with alternate #5. Jury Self: 12 jurors (7 women & 5 men) & 1 alternate (man). See post #203 here for jury eliminations:
https://www.websleuths.com/forums/t...56-theranos-wire-fraud-charges.614821/page-11
Jury Deliberations: 6/24/22 Day 1: ~2 hours. Total: ~2 hours. 6/28/22 Day 2: ~8 hours. Total: ~10 hours. 6/29/22 Day 3: ~8 hours. Total: ~18 hours. 7/5/22 Day 4: ~8 hours. Total: ~26 hours. 7/6/22 Day 5: ~7 hours. 7/7/22 Day 6: ~2 hours. Total: ~35 hours of deliberations. Returned with a verdict of guilty of all 12 charges.
Indictment & court info from 4/11/20 thru 3/8/22 & Jury selection (Day 1-4) 3/9/22 to 3/15/22 & 3/16 to 3/21/22 & Trial Days 1-2 (3/22 to 3/23/22) & hearing on 3/29/22 & 4/12/22 & Trial Days 3-14 (3/30 to 4/29/22) & 5/3/22 & Trial Days 15-20 (5/4 & 5/20/22) & 5/17, 5/19, 5/23 & 6/10/22 (no jurors) & Trial Days 21-29 (6/21 & 6/28-6/29, 7/5-7/6/22) & Jury Deliberations Day 1-5 (6/24 & 6/28-6/29, 7/5 & 7/6/22) reference post #237 here:
https://www.websleuths.com/forums/t...56-theranos-wire-fraud-charges.614821/page-12
7/7/22 Thursday, Trial Day 30/Jury Deliberations Day 6: Balwani has been found guilty of all 12 criminal charges against him. Judge Ed Davila just set Balwani's sentencing for 11/15/22 at 10am & he is referring Balwani to the probation office for the pre-sentencing report. Judge Davila says he'll modify Balwani's bond from unsecured to secured & increase it from $500K to $750K.
for more info see post #244 here:
https://www.websleuths.com/forums/t...56-theranos-wire-fraud-charges.614821/page-13
10/25/22 Update: Motion to continue hearing on 11/7/22 @ 10am. 11/4/22 Update: Hearing changed to 9:30am.
*Elizabeth A. Holmes (34/now 38) (CEO of Theranos) – Trial began on 9/8/21 & ended 1/3/22 with a verdict of guilty on 4 counts of 11. Sentencing hearing was to be on 10/17/22 but was delayed with motions for new trial Filed (5/27/22) for dismissal of all charges. Sentencing hearing on 11/18/22.
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Ex-Theranos Exec Balwani's Sentencing Delayed To December - Law360
A California federal judge on Monday agreed to delay convicted former Theranos executive Ramesh "Sunny" Balwani's Nov. 15 sentencing until Dec. 7 after Balwani argued in a heavily redacted motion that his counsel needed more time to prepare and the probation office hasn't yet produced his...
www.law360.com
Nov. 7, 2022
A California federal judge on Monday agreed to delay convicted former Theranos executive Ramesh "Sunny" Balwani's Nov. 15 sentencing until Dec. 7 after Balwani argued in a heavily redacted motion that...
That is all I can see on the article, need to subscribe.
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