U.S. Government Seeks Information From Victims Of Theranos Frauds | USAO-NDCA

SAN JOSE, CALIF. – The United States Attorney’s Office for the Northern District of California and law enforcement agencies have issued a call for information from victims of frauds perpetrated by Elizabeth Holmes and Ramesh Balwani in connection with their company, Theranos, Inc.  The information is being sought in connection with the upcoming sentencings of Holmes and Balwani.  Information obtained from victims may be presented to the Court for consideration in connection with the upcoming sentencing hearings of the two Theranos, Inc. officers.

On January 3, 2022, a jury in the Northern District of California returned a verdict finding Defendant Holmes guilty of conspiracy to commit wire fraud against Theranos investors, in violation of 18 U.S.C. § 1349, and three counts of wire fraud against Theranos investors, in violation of 18 U.S.C. § 1343.

On July 7, 2022, a separate jury in the Northern District of California returned a verdict finding Defendant Balwani guilty of conspiracy to commit wire fraud against Theranos investors, in violation of 18 U.S.C. § 1349, conspiracy to commit wire fraud against Theranos paying patients, in violation of  18 U.S.C. § 1349, six counts of wire fraud against Theranos investors, in violation of 18 U.S.C. § 1343, and four counts of wire fraud against Theranos paying patients, in violation of 18 U.S.C. § 1343.

Defendant Holmes is scheduled to be sentenced October 17, 2022.  Defendant Balwani is scheduled to be sentenced November 15, 2022.

The United States Attorney’s Office for the Northern District of California and investigating agencies are seeking information from those who may be victims of the Defendants’ crimes. 

Simultaneous with this release, the United States Attorney’s Office for the Northern District of California is distributing questionnaires, requesting information and statements about the impact of the frauds committed by the Defendants.  The questionnaires are available online at the following website: https://www.justice.gov/usao-ndca/us-v-elizabeth-holmes-et-al.  All responses are voluntary, but complete submissions will be useful in identifying respondents as potential victims and supplying the Court with the information necessary for sentencing.  It is requested that respondents submit their statements via email as indicated on those questionnaires.  Based on the information submitted, respondents may be contacted by law enforcement agencies and asked to provide additional information. 

Both Defendants are currently free on bond pending sentencing.  Defendants face a maximum sentence of twenty (20) years in prison, and a fine of $250,000, plus restitution, for each count of conviction.  However, any sentence would be imposed by the Court after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.

The announcement was made by United States Attorney Stephanie M. Hinds; Federal Bureau of Investigation (FBI) Special Agent in Charge Sean Ragan; Food and Drug Administration (FDA) Assistant Commissioner for Criminal Investigations Catherine A Hermsen; and U.S. Postal Inspection Service (USPIS) San Francisco Division Acting Inspector-In-Charge Kevin Rho.

Assistant U.S. Attorneys Robert S. Leach, Jeff Schenk, John C. Bostic, and Kelly Volkar are prosecuting the case with the assistance of Lakisha Holliman, Madeline Wachs, Sarah Slattery, Elise Etter, Susan Kreider, and Leeya Kekona.  The prosecution is the result of an investigation by the FBI, USPIS, and FDA Office of Criminal Investigations.   
 

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Author: Editor
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