Elizabeth Holmes, the former founder and chief executive of Theranos, is expected to be sentenced on Sept. 26 for cheating investors in the blood-testing firm, according to a court filing on Wednesday.
Among Holmes' supporters were media mogul Rupert Murdoch, U.S. Treasury Secretary George Schultz, and America's wealthiest family, the Waltons.
Holmes might face a maximum term of 20 years in federal prison, depending on how courts normally sentence offenders in such situations.
However, legal experts believe that U.S. District Judge Edward Davila will likely impose a significantly less harsh sentence. Nonetheless, given the magnitude of the fraud, which is estimated to be in the hundreds of millions of dollars, legal experts say a substantial jail sentence for Holmes is not surprising.
"I would be completely surprised if she is not sentenced to some type of incarceration," Amanda Kramer, a former federal prosecutor, said in quotes by NPR.
Holmes accused her ex-boyfriend and business partner, Ramesh "Sunny" Balwani, of emotional and sexual abuse throughout the alleged crimes, affecting her mental condition.
Balwani, 56, who faces the same fraud accusations in a February trial, has refuted the claims and called them "outrageous."
Davila's Wednesday order comes less than a week after a jury found Holmes guilty of one count of conspiracy to conduct wire fraud and three counts of wire fraud for tricking investors about her now-defunct blood-testing company.
Prosecutors alleged that Holmes intentionally misled patients about blood testing and misrepresented the startup's performance to financial backers.
Holmes, dubbed "the world's youngest self-made female billionaire" by Forbes magazine, is free on a $500,000 bail secured by real estate.
Holmes, 37, indicated in court records that she intends to petition the judge handling her case to dismiss her convictions. If the judge does not, she is likely to appeal and may attempt to have her sentence suspended pending the outcome of the appeal.
The former entrepreneur rose to prominence in Silicon Valley after boasting that Theranos machines could perform routine blood tests with just a few drops from a finger prick.
Once valued at nearly $10 billion, Theranos fell following a series of articles published in 2015 by the Wall Street Journal alleging that its machines were incorrect and faulty.
Holmes and prosecutors had agreed that her sentence would take place in September because of "ongoing proceedings in a related subject."
Holmes is rumored to be sharing a $135 million Silicon Valley mansion with her partner, Billy Evans, the son of San Diego hotel mogul Bill Evans.