Crime

Disgraced Theranos Founder Elizabeth Holmes Welcomes First Baby Ahead of Criminal Fraud Trial

Elizabeth Holmes is currently facing 10 counts of wire fraud and two counts of conspiracy to commit wire fraud

Published on August 5, 2021 08:47 PM

Elizabeth Holmes, the disgraced founder and former CEO of controversial blood-testing company Theranos, has given birth to her first child ahead of her criminal fraud trial.

Birth records show that the 37-year-old and her partner Billy Evans welcomed a baby named William Holmes Evans on July 10 in Redwood City, California, according to ABC News.

Holmes' pregnancy was first disclosed to the court in March when her counsel and prosecutors filed court papers asking a judge to move her trial's start date given that she was due in July.

"The parties have met and conferred, and both parties agree that, in light of this development, it is not feasible to begin the trial on July 13, 2021, as currently scheduled," the document read, according to CNN. "In light of Defendant's pregnancy, the parties stipulate and agree, and respectfully request that the Court order, that the trial begin with jury selection on August 31, 2021."

Holmes' trial was initially scheduled to begin last summer, but was delayed several times due to the COVID-19 pandemic.

Squawk Box - Season 20 — Elizabeth Holmes. David Orrell/CNBC/NBCU Photo Bank via Getty Images

In March 2018, Holmes and former Theranos president Ramesh "Sunny" Balwani were charged with allegedly "raising more than $700 million from investors through an elaborate, years-long fraud" by the Securities and Exchange Commission.

Holmes and Theranos settled with the SEC, with Holmes agreeing to pay $500,000 and be barred from serving as a director or officer of a public company for 10 years. She has not admitted or denied any wrongdoing with regard to the settlement.

Three months later, the U.S. Attorney's Office in San Francisco charged Holmes and Balwani with nine counts of wire fraud and two 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.

Prosecutors have alleged that Holmes and Balwani were involved in a multi-million-dollar scheme to defraud investors as well as a plan to defraud doctors and patients by claiming the company could provide its clients with cheap, fast and reliable blood tests and results.

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Holmes and Balwani have pleaded not guilty to their charges. While Holmes' trial is slated to start in late August, Balwani's trial will begin in January 2022.

If convicted, Holmes and Balwani face a maximum sentence of 20 years in prison and a fine of $250,000 plus restitution for each count.

Hulu is currently working on a limited series centered around Holmes and her creation of Theranos. Titled The Dropout, the series will star Amanda Seyfried as Holmes.