1/ Re Theranos recently had several DMs + Qs “could Holmes really get 20 yrs in jail?” Answer is yes but unlikely
2/ Stat max is 20 yrs meaning judge can’t go higher. But what drives actual prison term are these sentencing guidelines 
3/ Guidelines recommend # months in prison by combining prior crim history (here I) with offense level (here 7 for fraud) though level enhanced for e.g. # victims, amount of $ loss, complex or overseas conduct, etc. Allegation Theranos defrauded govt agencies could enhance more
4/ In this case amount of $ loss is what’s going to drive recommended guidelines prison term assuming conviction. Current indictment appears to allege approx $154m loss which adds +26 levels, though this could grow in superseding indictments (loss enhancements cap out at $550m)
5/Bottom line: if goes to trial expect govt to argue high loss amount, # victims, etc. so guidelines range may approach 11-14 yrs depending on govt establishing loss currently alleged
6/ If plea, expect far lower guidelines recommended prison range, ie single digits, bc w/plea parties may choose not to seek certain enhancements, agree on loss amount, and deft gets -3 levels for accepting responsibility
7/ just some prelim thoughts here, obviously lots can change in investigating and litigating case and ultimate sentence up to sentencing judge
