On January 3, 2022, Elizabeth Holmes was found guilty on four out of seven counts of criminal fraud against investors. The jury was unable to reach a unanimous verdict on the other three charges. She was acquitted on four additional charges related to patient fraud. The verdict came after a nearly four-month trial, in which prosecutors used 29 witnesses to help advance their argument that Holmes intentionally deceived investors and patients by lying about Theranos’s blood-testing capabilities and business outlooks.
Holmes faces up to 20 years in prison (plus a $250,000 fine and restitution) for her crimes, but her sentence won’t be determined until late September; Judge Davila tentatively set Sept. 26 as her sentencing date. Citing similar cases, legal experts have said Holmes is unlikely to receive a maximum sentence but could still end up in prison for a significant amount of time. “I would be utterly shocked if she wasn’t sentenced to some term of imprisonment,” said Amanda Kramer, a white-collar defense lawyer, in an interview with NPR. “What is the sentence that will deter others who have a failing business from making the choice to commit fraud, rather than owning up to the failings and losing their dream?”
In the meantime, Holmes is out on a $500,000 bond secured by property. She is reportedly living with her partner, Billy Evans, and their infant son in a 74-acre, $135 million mansion in the storied Green Gables estate in Woodside, California. Evans is the son of the southern California hotel magnate Bill Evans and a graduate of M.I.T. where he studied math and technology. The couple met sometime in 2017 but were first spotted together at Burning Man in 2018, a mere few days before Theranos employees received an email alerting them of the company’s dissolution. Evans gave Holmes his M.I.T. signet ring as a proposal of engagement, and the couple married in a secret ceremony a little less than a year after their Burning Man rendezvous.
Where is Sunny now?
Unlike his ex, Balwani has kept a relatively low profile since he exited Theranos. His name briefly appeared in the headlines in late 2019 after it was revealed that Holmes planned to accuse him of abuse and pin the blame for Theranos’s failure squarely on his shoulders. Balwani declined to speak to the media about the accusations and instead responded through a series of court briefings. “Mr. Balwani unequivocally denies that he engaged in any abuse at any time,” his lawyers wrote in a December 2019 filing obtained by Reuters. While his presence loomed large over Holmes’s trial, Balwani himself remained silent, never speaking to the press or responding for comment.
That’s all set to change later this month though when Balwani’s own trial begins—in the same San Jose Courthouse and in front of the same judge that Holmes’s trial was presented. Already there have been rumblings. In February, Balwani’s counsel asked the judge to exclude from his trial any evidence or information obtained during Holmes’s proceedings.