Francis's mailing address filed with the SEC is 500 SOUTH BUENA VISTA STREET, , BURBANK, CA, 91521. In February 2018 deSouza was elected to the Board of Directors of The Walt Disney Company. Subdivision (e) of section 1100 provides: `Each spouse shall act with respect to the other spouse in the management and control of the community assets and liabilities in accordance with the general rules governing fiduciary relationships which control the actions of persons having relationships of personal confidence as specified in Section 721, until such time as the assets and liabilities have been divided by the parties or by a court. for Francis and moved out of Mt. Francis Desouza appealed a post-judgment order that found he breached his fiduciary duty to his former wife Erica. At GRAIL, Aravanis led the research, development, operational, and clinical teams developing its multi-cancer early detection test. We have estimated He led the research, product management, engineering, customer support and operations for Symantec's offerings, which generated $6.73 billion in revenue in FY11. As a subscriber, you have 10 gift articles to give each month. Francis DeSouza appeals from a postjudgment order finding he breached his fiduciary duty to his former wife Erica and ordering him to transfer bitcoins and other cryptocurrency to her pursuant to the parties' judgment of dissolution and to pay her attorneys' fees and costs.1 Francis argues he did not breach his fiduciary duty because information he withheld about his cryptocurrency investments was not material and, alternatively, there was no substantial evidence his breach impaired Erica's interest in their community estate. The trial court ordered Francis to transfer Bitcoins and other cryptocurrencies to Erica pursuant to the parties judgment of dissolution and to pay Ericas attorneys fees and costs. Theyll be like, Ill give it to my brother for a dollar or whatever, and Im like, You cant do that.. [] And my personal opinion at the time was only an idiot would leave his Bitcoins on Mt. Prior to joining Illumina, Kevin spent over 20 years in senior leadership roles leading supply chain and operations organizations for Bayer Healthcare, The Clorox Company, and Levi Strauss. Mr. deSouza is Chairman of the board of directors of MedHelp International, a privately-held online health community. That relationship is a fiduciary relationship `impos[ing] a duty of the highest good faith and fair dealing on each spouse.' Must Compensate Wife for Losses From Unauthorized He sent $45,000 to Mt. The statutory policy at issue in Feldman, therefore, is equally compelling here. The largest trade he's ever made was exercising 49,219 units of Illumina Inc stock on 3 March 2016 worth over $10,383,240. Illumina Complete Long Read technology enables both long and short reads on the same NovaSeq instrument. We will not second-guess the court's credibility assessment. WebFrancis deSouza was appointed CEO of Illumina in 2016 and is responsible for directing all aspects of company strategy, planning, and operations. It was a package deal, Mr. Salant said. on new advisors after separation. Indeed. Plaintiff either neglected to report the sale or sending of the Missing Cryptocurrency on his income tax returns, the report concluded, or Plaintiff still retained control of the Missing Cryptocurrency.. Three She previously served as Treasurer and as Global Head of Investor Relations and Communications, as well as on Moodys Corporate Development team. We all know that is it almost impossible to say someone's total asset, and how much he or she earns every month. Philip S. Silvestry and Gregory R. Ellis for Appellant. Although he bought the bitcoins as agreed, Khaled never completed the transfer and the 498.89 bitcoins remained with Mt. Francis also had not disclosed to Erica (prior to the judgment) that he used Wences and Khaled as proxies for his purchases. Management Team Founder of Flash Communications and IMlogic, Inc., Francis A. deSouza is a businessperson who has been at the helm of 5 different companies and currently Susan has more than 25 years of R&D and business leadership at Fortune 100 technology companies and within the life sciences industry. (See In re Marriage of Kamgar (2017) 18 Cal.App.5th 136, 144 [226 Cal.Rptr.3d 234] [substantial evidence]; Schleich, supra, 8 Cal.App.5th at pp. Rebutting Tracings and Meeting the Burden of Proof, Determining Reasonable Compensation (Part 4), Determining Reasonable Compensation (Part 3). He has served on the Board of Varian Medical Systems and currently sits on the Board of the Regan-Udall Foundation of the Food and Drug Administration. According to the various source, there is an approximate asset that is net worth. Francis was also ordered to pay Erica's attorneys' fees and costs incurred in bringing her motion. Carissa Rollins is Chief Information Officer at Illumina, where she is responsible for leading all Global Information Systems strategy, operations, risk and compliance, infrastructure, enterprise architecture, cybersecurity, employee and business-facing applications. The value of his coins as of December 17 was approximately $8 million. (In re Marriage of Goodwin-Mitchell & Mitchell (2019) 40 Cal.App.5th 232, 238-239 [253 Cal.Rptr.3d 123].). validity of Ericas point that [a] spouse who may be reliant on and trusting In 2018, Susan was elected to the National Academy of Engineers. In January 2018 Erica moved for an emergency order compelling Francis to immediately transfer her full interest in community bitcoins to her and for remedies afforded by the Family Code for his failure to timely and adequately disclose information about the bitcoin investments. Illumina innovative sequencing and array technologies are fueling groundbreaking advancements in life science research, translational and consumer genomics, and molecular diagnostics. Francis deSouza No secret stash ever materialized. Gox before the None of the couples agreed to be interviewed. These statutes obligate a managing spouse to disclose soon after separation all the property that belongs or might belong to the community, and its value, and then to account for the management of that property, revealing any material changes in the community estate, such as the transfer or loss of assets. Erica's lack of involvement or interest in the couple's finances before they separated is undisputed, but it sheds little if any light on what she would do to protect her financial interests after retaining divorce counsel, filing for divorce, and serving Francis with restraining orders that barred him from making unilateral decisions involving the community estate. Without Ericas knowledge or agreement, he sent $45,000 to Mt. Dividing the familys Bitcoin stash has become a major source of contention in divorce cases. WebD'Souza..Citytv news anchor Francis D'Souza and his wife Mi Seong D'Souza sit in the living room of their Mississauga home. His The trial court ordered Francis to transfer David Yaffe-Bellany, who covers crypto and fintech, combed through more than 600 pages of legal filings for this article. Prior to his five years at Genomic Health, Dr. Febbo was a Professor of Medicine and Urology at the University of California, San Francisco (UCSF), where his laboratory focused on using genomics to understand the biology and clinical behavior of prostate cancer, and his clinical practice focused on genitourinary oncology. He was born in Addis Ababa on December 02, 1970. During that time, she was responsible for global engineering, consumables, sequencing applications, IVD, software and informatics development efforts: During this time, she oversaw the most impactful decade of product launches including: HiSeq X, NovaSeq, MiSeq Dx, NextSeq 550Dx/1000/2000, iSeq, VeriSeq NIPT, TSO500,COVIDSeq, DRAGENTM, and Illumina Connected Analytics. So, how much is Francis deSouza worth at the age of 51 years old? Filter by batch size, system, software, and more. personal, whether community, quasi-community, or separate, without the written ( 2102, subd. Transcript: Francis deSouza on "Face the Nation", December 5, Schwartz hold an MBA from Cornell University and a B.A. Gox, was hacked and then went bankrupt. In this role, she is responsible for leading the customer facing functions including Direct and Channel Partner Sales, Service and Support, and Regional Commercial Operations teams in the Americas region. Francis never received any bitcoins for this money, nor recovered the transferred funds. WebOur Board of Directors is a diverse group of leaders who champion scientific innovation. support for this characterization consists of his own conclusory testimony to Francis deSouza is a Businessperson. Francis deSouza - Biography - MarketScreener.com IN RE MARRIAGE OF DESOUZA | 54 Cal.App.5th 25. He again breached his fiduciary duty when he failed to list the $45,000 sent to Mt. [7], He was born in Addis Ababa, Ethiopia, to Elpinki, an Ethiopian/Greek mother, and Domingos, an Indian father. But the most consequential court battle between Erica and Francis deSouza concerned a bitter dispute over millions of dollars in missing Bitcoin. Mr. deSouza, a tech executive, had bought a little over 1,000 Bitcoins before he separated from his wife in 2013, and then lost nearly half the funds when a prominent cryptocurrency exchange collapsed. [12], Following the 2017 divorce proceedings of Mr. deSouza and his wife Erica, the division of their crypto assets became a subject of dispute, drawing attention to how Cryptocurrency assets are treated in cases of divorce. Robert S. Epstein, MD. Before Illumina, deSouza was president of products and services at Symantec. However, The Appeals Court affirmed the trial courts orders. Qing received his EMBA degree from China Europe International Business School (CEIBS). Weightman graduated from Auckland University with a BSc in Molecular Genetics and a Diploma of Commerce. Francis deSouza Mr. Goswami served as President, Asia Pacific and Japan, while at Thermo Fisher Scientific and created the Stem Cells and Regenerative Medicine Business Unit at Invitrogen. As of 21 February 2023 he still owns at least 100,419 units of Illumina Inc stock. Currently, he is a member of the board of directors for The Walt Disney Company. According to Dr. Charles Evans, a Bitcoin expert, anyone who was active on the Bitcoin discussion boards, knew that Mt. Gretchen Weightman is the Head of Region for Asia Pacific, Middle East, and Africa at Illumina. The fact that the bitcoins had burgeoned Rollins holds a B.S. Hoyt earned a masters in human resource development from the Rochester Institute of Technology. Child Support Arrearages and Remarriage: Will the New Spouse Be on the Hook? Do You Need a Forensic Accountant for your Divorce Case? Not for use in diagnostic procedures (except as specifically noted). Susan has been with Illumina since 2012, and previously lead the product development organization as Chief Product Officer. Receive a FREE telephone consultation. Joydeep Goswami was appointed Chief Financial Officer in 2023 and is responsible for Illuminas financial planning and analysis, accounting, investor relations, internal audit, tax, and treasury functions. Gox Company Ltd. a Japanese bitcoin For Canadian journalist, see, Engineering Our World: MIT school of Engineering, St. Mary's Catholic High School, Dubai, UAE, "2021 Time100 Most Influential Companies: Illumina Decoding Covid19", "Illumina CEO brings entrepreneurial spirit to genomics giant", "Disney adds two board members from tech world", "Former Dubai-based Indian student at forefront of decoding COVID-19 genome in US", "Divorcing Couples Fight Over the Kids, the House and Now the Crypto", "Jay Flatley to Assume Role of Executive Chairman of the Board of Directors of Illumina; Francis deSouza Appointed President and CEO", "Illumina Names Francis deSouza as President", "Citrix Appoints Francis deSouza to Board of Directors", https://en.wikipedia.org/w/index.php?title=Francis_deSouza&oldid=1150710704, American chief executives of manufacturing companies, Businesspeople from the San Francisco Bay Area, Articles with dead external links from April 2023, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 19 April 2023, at 18:26. for the bad investments. "4 Francis had also failed to inform Erica prior to the judgment that he used Wences and Khaled as proxies for his bitcoin purchases, that bitcoin cash and gold had been generated from the bitcoin investments, and that he transferred of cryptocurrency between digital wallets. embezzlement, or both.. The Net Worth of Francis deSouza is $1.5 Million. At 53 years old, Francis deSouza height not available right now. Bitcoin expert Dr. Charles Evans testified for Erica that as early as March 2013, "anyone who was active on the Bitcoin discussion boards, anyone who was making an effort to get to know the Bitcoin community, knew that Mt. Not so. In prior roles, he was deeply involved in digital trust and security issues, as well as competition law and compliance matters. Gox to buy Bitcoins, and committed additional community property funds that allowed Wences and Khaled to purchase Bitcoins on Franciss behalf. Before joining Illumina, Dadswell was Vice President, General Counsel for North and Latin America and Corporate Director of Global Intellectual Property at bioMerieux. Francis deSouzas income source is mostly from being a successful Entrepreneur. Berry has been with Illumina since 2009 and has held several commercial leadership positions within the company. By April 2013, Mt. True, the bitcoins [a friend] purchased In 2020, Gregory Salant, a divorce lawyer in White Plains, N.Y., worked with a client who believed her husband owned cryptocurrency he hadnt disclosed. Gox. Dr. Evans concluded that Francis was aware of the problems with Mt. The estimated Net Worth of Francis A De Souza is at least $49 Million dollars as of 21 February 2023. By late 2013 or early 2014, Mt. Divorcing couples fight over the kids, the house and now the . If your practice is located in Southern California, Ron J. Anfuso, CPA, ABV, CFF, CDFA, FABFA will meet with you in person to answer all of your questions without any obligation to use our services. A spokeswoman for Mr. deSouza said he had disclosed the entirety of his cryptocurrency holdings at the beginning of the divorce. Do you want to know what is the educational qualifications of Francis deSouza? Siggins recited, lost hundreds of thousands of bitcoins to hacking, Following a January 12, 2018 hearing the court ordered Francis to immediately transfer to Erica half of the 613.53 bitcoins and associated bitcoin cash and gold he had in his possession, to show cause why he should not be ordered to transfer an additional 224.34 bitcoins and proportional cryptocurrency, and to pay Erica's attorney's fees and costs pursuant to Family Code sections 721 and 1100. Analysis, Biological Data community funds through investments he made in contravention of a temporary He initially joined the company as President in 2013, and led Illuminas business units and core functions responsible for envisioning, developing and producing the companys products. He graduated Tau Beta Pi, Eta Kappa Nu and Sigma Xi from MIT in 1992 with Master of Science and Bachelor of Science degrees in electrical engineering and computer science and a minor in economics. in value, earning the millions of dollars for the community, outshadowed the loss of bitcoins, Francis DeSouza asserted, meaning that his investing did not Prior to MSCI, Schwartz spent more than 12 years with Moodys Corporation, most recently as Global Head of Strategic Capital Management and Treasurer. Salli Schwartz is the Vice President of Investor Relations, leading all investor strategies and activities including quarterly earnings releases and conference calls, investor presentations, and day-to-day interactions. from UCSF. [21][22] He led the research, product management, engineering, customer support and operations for Symantec's offerings, which generated $6.73 billion in revenue in FY11. None of By May 2014, Francis knew of the bankruptcy. He joined Symantec through the acquisition of IMlogic, where he was co-founder and CEO. It is mission critical for us to deliver innovative, flexible, and scalable solutions to meet the needs of our customers. Determining Reasonable Compensation (Part 2), How to Determine Whether an Accountant Is Qualified to Work on a Case. the community estate. Illumina is improving human health by unlocking the power of the genome. Gox when he arranged his proxy purchases in April 2013.3. The court also found that while Francis possessed documentation of the proxy purchases since April 2013, he not only refused to disclose, but affirmatively hid from Erica their involvement until February of 2018.. WebFrancis filed his preliminary schedule of assets, disclosing ownership of 1,062.21 bitcoins. separate undisclosed transaction.. She also serves on the Grand Canyon Conservancy board and the T-Mobile advisory board. Read also: Kevin Wormald Net Worth, Age, Height, Weight, Wife, Wiki-Bio, Family. ), Section 1101 thus affords each spouse a claim against the other for any breach of fiduciary duty that results in an impairment to his or her interest in the community estate, "including, but not limited to, a single transaction or a pattern or series of transactions, which transaction or transactions have caused or will cause a detrimental impact" to the claimant spouse's interest in the community estate. By Francis deSouza. Francis then disclosed that some were Had the Mt. He has led teams across various functions, including sales, marketing, R&D and other support functions. In this episode of Facing Forward, Margaret Brennan talks with Illumina CEO Francis deSouza for a look at the science behind the spread of the Coronavirus v. disclosed his transactions to her. Aimee Hoyt is Chief People Officer at Illumina, where she is responsible for all aspects of the companys HR strategies. Francis deSouza of Illumina (Photo: Business Wire) Jay joined Illumina in 1999 as President and CEO. in the couples finances before they separated is undisputed, but it sheds WebFrancis deSouza Chief Executive Officer Alex Aravanis, MD, PhD Chief Technology Officer, Head of Research and Product Development Nicole Berry Head of RegionAmericas Charles Dadswell General Counsel Phil Febbo, MD Chief Medical Officer John Frank Chief Public Affairs Officer Joydeep Goswami, PhD Gox before the bankruptcy grew from an initial value of roughly $100,000 to around $3.45 million by August 2018.6 But the financial success of one undisclosed investment does not erase the harm to the community estate, and Erica, occasioned by a separate undisclosed transaction. Learn How rich is He in this year and how He spends money? He is from Ethiopia. There, a husband contended his failure to include a $1 million bond in his financial disclosures in violation of section 2102, subdivision (a)(1) was excused by his failure to include the corresponding debt he incurred to finance the bond's purchase. : > > () ~95cm > > Click on the case name to see the full text of the citing case. Because of dividends Francis received, his preliminary schedule of assets and debts in the divorce action filed in July 2016 disclosed his ownership at 1,062.21 Bitcoins. In this role, he is responsible for driving the company's growth strategy and evolution within the region. The court ordered him to give Ms. deSouza more than $6 million of his remaining Bitcoin. In September 2017 the court issued a final statement of decision, found the Wences and Khaled bitcoins to be community property and ordered them divided evenly in kind between the parties, along with any derivative cryptocurrency. Francisco D'Souza - Wikipedia This included an automatic temporary restraining order that prohibited Francis from transferring, encumbering, hypothecating, concealing or in any way disposing of any property, real or personal, whether community, quasi-community, or separate, without the written consent of the other party or a court order, except in the usual course of business or for the necessities of life.. At Illumina, our goal is to apply innovative technologies to the analysis of genetic variation and function, making studies possible that were not even imaginable just a few years ago. Gox was having trouble left, right and sideways. Illumina CEO Francis DeSouza was awarded nearly $26.8 million in total pay last year, nearly double the $14.3 million he received in 2021. An exchange can still be a valuable source of information. There needs to be some degree of accountability.. WebFrancis deSouza. interest in their finances, so it would have made no difference if he had Presented by Ron J. Anfuso, CPA, ABV, CFF, CDFA, FABFA. Later in April 2013, federal agents seized millions of dollars from Mt. He served on the Board of Directors of Citrix Systems from December 2014 to June 2016. DeSouza joined Symantec through the company's acquisition of IMlogic in February 2006. But the appeals court found that Mr. deSouza, 51, who is now the chief executive of the biotech company Illumina, had violated rules of the divorce process by failing to keep his wife fully apprised of his cryptocurrency investments. Gox. In dividing the property in postjudgment proceedings, Berra initially ordered that Gox account to Francis's digital wallet. One such e-mail from Wences to Francis advised him to "[b]uy your Bitcoins on Mt. The opinion also declares that an DeSouza left Microsoft in 2001 and founded IMlogic, where he served as CEO and grew the company into the market leading provider of instant messaging security. [Citation.] The parties' property issues were tried in February 2017. On October 19 the court issued its final statement of decision finding that Francis committed a series of transgressions surrounding his purchase and handling of the bitcoins. I wont touch your retirement account, you wont touch my retirement account, we give a $25,000 swing for the crypto.. Kevin currently serves on the advisory committee for Bio Supply Management Alliance (BSMA) and will join the board of the San Diego Regional EDC. His family moved to Dubai, United Arab Emirates before he was 5 years. In addition, he makes $1,521,950 as President, Chief Executive Officer, and Director at Illumina Inc. Francis has made over 39 trades of the Illumina Inc stock since 2013, according to the Form 4 filled with the SEC. Qing is dedicated to achieving the long-term vision and financial goals in this strategic market. Nor did Franciss evidence compel the But the financial success of one undisclosed investment & Pipeline Setup, Sequencing Data was the author. These facts, the court found, were material. He also leads the companys Corporate Development and Strategic Planning function. Prior to joining IMlogic, deSouza was co-founder and CEO of Flash Communications, a provider of corporate instant messaging that was acquired by Microsoft. The court's finding that Francis failed to disclose material information about his bitcoin investments is supported by substantial evidence and within its broad discretion. Francis Desouza Wife. Hoyt has a successful track record for leading workforce transformation, driving business growth and creating high-impact teams. He has grown the company from $500K in annual revenue to over $2.2 billion in 2015, both organically and through pivotal acquisitions that transformed Illumina into the leading global provider of next-generation sequencing solutions. Gox bankruptcy because, although he received a notice of bankruptcy in May 2014, he testified that he was unaware the Khaled bitcoins were caught up in it before Khaled told him in December 2017. Mr. deSouzas cryptocurrency investments date to April 2013, when he spent time in Los Angeles with Wences Casares, an early crypto entrepreneur, who pitched him on digital assets. Both schedules disclosed his ownership of 1,062.21 bitcoins. either party from [t]. Prior to that he led Microsofts European Union Government Affairs program based in Brussels where he focused on the regulatory framework for cloud computing and he engaged with the Paris Peace Forum and the French Government to propose and launch the Paris Call for Trust and Security in Cyberspace. But digital assets are not untraceable. Mr. Erica deSouza declined to comment through her lawyer. the fact of his purchases, nor did he tell her of Mt. increased the communitys funds by millions of dollars does not invalidate the This duty includes the obligation to make full disclosure to the other spouse of all material facts and information regarding the existence, characterization, and valuation of all assets in which the community has or may have an interest and debts for which the community is or may be liable, and to provide equal access to all information, records, and books that pertain to the value and character of those assets and debts, upon request.'" (a).) Indeed. Only then did Francis disclose that the Khaled bitcoins were tied up in the Mt. Neither does his suggestion he cannot be faulted for failing to disclose the Mt. Continue reading to discover who is Francis deSouza. In addition to concealing his bitcoin purchases and use of proxies, Francis's failure to inform Erica about the Mt. Frances Arnold, PhD. Mr. Salant sent a subpoena to Coinbase, which responded with a spreadsheet that he found impossible to understand. Its opinion was filed Aug. 1 and certified He also failed to disclose that Bitcoin and gold had been generated from the Bitcoin investments, and that he had transferred cryptocurrency between digital wallets. [13][14], Early in his career, he worked at the IBM Thomas J. Watson Research Center and then in management consulting. Prior to this, Weightman was the Senior Marketing Manager for South Asia Pacific, responsible for the overall marketing strategy and implementation in South East Asia, India, Singapore, Australia, and New Zealand. [8] His mother was a homemaker and his father was a commercial representative for Japanese trading company Itochu. The husband did not disclose to his wife After three years of litigation, a San Francisco appeals court ruled in 2020 that Mr. deSouza had failed to properly disclose some elements of his cryptocurrency investments, which had exploded in value. Prior to Cardinal Health, Reeves held positions at Booz Allen Hamilton, AOL/Time Warner, Nationwide Insurance, and Scotts Miracle-Gro, among others. WebGreat interview today with Illumina CEO Francis deSouza and CNBC's Meg Tirrell about investing in research. of the other during marriage, may well exercise independent judgment and rely Along with many academic honors, she has received numerous awards in both business and technology. In February 2014, Mt. Gox bankruptcy. Francis deSouza We affirm. His support for this characterization consists of his own conclusory testimony to that effect and one postseparation incident in which Erica agreed to his request to invest $50,000 of community funds in a friend's company. Infrastructure The trial court expressly disbelieved this testimony. 2023 Illumina, Inc. All rights reserved. Divorcing Couples Fight Over the Kids, the House and Now the Francis appealed the decision. this, plainly, compels a finding that Erica would have done nothing throughout Enjoy breakfast or lunch on us! Illumina CEO Francis deSouza on sequencing an evolving In this role, Frank focused on advancing multi-stakeholder solutions towards a more accessible and inclusive digital environment and a healthier planet. that effect and one post-separation incident in which Erica agreed to his He is a member of famous Entrepreneur with the age 51 years old group. bitcoins from Mt.