Disgraced Theranos founder Elizabeth Holmes is likely to face sentencing in September following her conviction for defrauding investors. Holmes’ sentencing proceedings are scheduled for Sept. 12, according to a court filing Tuesday. Prosecutors and Holmes’ attorneys reached an agreement to delay her sentencing until after Labor Day “in light of ongoing proceedings in a related matter,” the filing said, according to CNBC. That refers to the upcoming trial on fraud charges against Ramesh “Sunny” Balwani, Holmes’ ex-boyfriend and the former Theranos president. The presiding judge, however, has final approval over the sentencing timeline. In the meantime, Holmes is free on $500,000 bond secured by property. The filing noted that prosecutors have agreed to drop three fraud charges against Holmes after the jury in her trial was unable to reach a consensus. Holmes, 37, was found guilty earlier this month on three counts of wire fraud and one count of conspiracy to commit fraud. Jurors determined the Theranos fraudster deliberately misled investors about the medical tech startup’s business and the effectiveness of its blood-testing machine. Each count of fraud carries a potential sentence of up to 20 years in prison. However, the charges can be served concurrently and Holmes is not expected to receive a maximum sentence. Holmes’ conviction concluded a stunning downfall. Theranos once drew a $9 billion valuation after attracting investments from an array of high-profile figures, and Forbes identified Holmes as the world’s youngest female billionaire in 2015. The medical startup imploded after a series of damning news reports showed its blood-testing device could not perform many of the functions that Theranos claimed. Last week, one of the jurors from Holmes’ trial said documents provided to investors that contained false information were the “smoking gun” that led to her conviction.
