Holmes points to judge’s finding that prosecutors did not establish Theranos collapsed because of Holmes’ fraud.
Holmes in a filing Friday in U.S. District Court in San Jose noted that Davila ruled in a January order that prosecutors had not established that Theranos collapsed because of Holmes’ criminal conduct. Holmes further claimed that the prosecution had not “shown that the investor-victims it identifies relied on the offense conduct when deciding to invest.
Holmes’ ability to pay restitution remains in question. In a court filing last month, she said she “continues to work on ideas for patents.” However, in the same filing Holmes said she “has essentially no assets of meaningful value.” A restitution hearing for Holmes is set for March 17. After that, Davila will weigh both sides’ arguments, evaluate submissions by Holmes’ fraud victims concerning what they believe they’re owed, and will issue an order specifying how much she must pay to which investors, money that will be distributed to each in proportion to their loss, said criminal defense lawyer Carrie Cohen, who follows the Holmes case from New York.
Federal investigators will have searched for any money or assets belonging to Holmes, and anything they may have turned up would be used to pay back investors, Cohen said.
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