Disgraced Theranos founder faces up to 20 years in prison
Elizabeth Holmes sentenced to more than 11 years in prison.
U.S. District Judge Edward Davila sentenced the disgraced Theranos founder to 135 months in prison in a federal courthouse in San Jose, California on Friday. The restitution hearing will be scheduled for a later date.
The former Silicon Valley darling faced up to 20 years in prison for defrauding investors of hundreds of millions of dollars with false promises that she had developed technology that would revolutionize healthcare.
In January, Holmes was convicted on three charges of wire fraud and one charge of conspiracy after a jury found she was criminally defrauding investors over false claims that her company’s blood testing technology could diagnose diseases. just a few drops of blood.
ELIZABETH HOLMES’ SENTENCE: A LOOK AT WHERE SHE COULD SERVE
She was initially indicted on 11 charges, she was acquitted on four, and on the other three, the jury failed to reach a verdict.
Prosecutors demanded that Holmes serve 15 years behind bars for her crimes, calling the case “one of the most serious white-collar offenses that Silicon Valley or any other county has seen.” The probation report asked for 9 years.
In addition to the harm Holmes did to Theranos investors, several factors influenced her sentencing, according to Andrew George, a partner at Washington law firm Baker Botts. Prior to sentencing, he told FOX Business that Davila would likely seek to impose a harsh enough sentence to act as a deterrent in a high-profile case.
THERANOS FOUNDER ELIZABETH HOLMES ASKS JUDGE FOR CLEVERITY BEFORE SENTENCE
Prosecutors argued during Friday’s hearing that Holmes should receive several sentence increases, including more time served for her failure to accept responsibility for her crimes, her refusal to cooperate with a government investigation and the amount of losses involved.
Holmes’ defense team demanded that she serve a maximum of 18 months, if ever, arguing that the nationwide case had ruined her reputation, stating that she posed no threat to society and noting that she had no criminal record. .
Davila denied a request by Holmes’ lawyers to have her sentence commuted because she took responsibility for what happened at Theranos, noting that the former CEO still “claims she did nothing wrong,” according to KTVU-TV.
Holmes’ defense team pleaded with the judge for leniency, claiming she was a daughter and mother who could do good in society by moving forward. Over 130 people have sent letters to the judge in support of her character, some of which have had significant impact, including Senator Cory Booker.
Holmes addressed the court on Friday, crying, repeating that she takes responsibility for what happened at Theranos – which she called “her life’s work” – and expressing remorse.
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The judge determined that Holmes’ recommended sentence should be between 11 and 14 years under federal rules. Then, after listening to arguments from both sides, as well as the victim and the accused, he made his final decision, calling the case “troubling on many levels.”
Before her sentencing, Holmes made several unsuccessful attempts to have her sentence overturned.
Credit: www.foxbusiness.com /