Theranos founder Elizabeth Holmes sentenced to more than 11 years in prison

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  • Theranos founder Elizabeth Holmes was sentenced to 135 months in prison on Friday.
  • US District Court Judge Edward Davila, who presided over Holmes’s trial, handed down the sentence.
  • Holmes was convicted of four counts of criminal fraud years after his blood-testing company went bust.

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Theranos founder Elizabeth Holmes was sentenced Friday to more than 11 years in prison for fraud after she defrauded investors about the alleged efficacy of her company’s blood-testing technology. He was ordered to surrender on 27 April.

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Holmes was convicted in January in the US District Court for the Northern District of California. She broke down in tears as she spoke to the court before being sentenced on Friday.

“I loved Theranos. It was my life’s work,” Holmes said. “My team meant the world to me. I am devastated by our failures. I am so sorry. I gave everything to build my company.”

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His defense team argued he should face a maximum sentence of 18 months, according to court filings. Instead, he was given 135 months, which amounts to 11 years and three months behind bars.

wall street journal first broke the story How Theranos’ blood-testing technology struggled to meet expectations in 2015. Whistleblowers and other witnesses came forward to provide a detailed account of how Holmes and former operating chief Ramesh “Sunny” Balwani defrauded patients, partners, investors and employees about the company’s progress. and the potential of its technology.

Theranos spun off in 2018, once valued at $9 billion by private investors.

She said on Friday, “Thank you for having me. Thank you for the courtesy and respect you have shown me.” “I feel deep pain for what people went through because I failed them. To the investors, to the patients, I’m sorry.”

Prosecutors sought a 15-year sentence for the pregnant 38-year-old former billionaire and Silicon Valley celebrity. In July, Balwani, who had been romantically involved with Holmes years earlier, pleaded guilty to 12 criminal fraud charges. His sentencing is set for next month.

US District Court Judge Edward Davila, who presided over Holmes’s trial, handed down the sentence.

The former billionaire attempted to go for a new trial after a former employee turned up at his door to speak with him in August. Holmes’ partner, Billy Evans, told the court the former employee had made unflattering comments at their shared residence.

But that employee, Adam Rosendorff, told the court that his comments were due to a child being distressed at the thought of spending time without his mother. The Theranos founder gave birth to her first child in July and is expecting her second child.

Holmes’ sentencing comes as another young tech former billionaire icon, Sam Bankman-Fried, faces a daunting future following the sudden collapse of his cryptocurrency exchange FTX last week. Bankman-Fried has not been charged with a crime, but is in legal trouble following revelations that her company was unable to give depositors their money back because some of it was used for risky funds, losing bets. Afterwards.

watch: Elizabeth Holmes appears in court for sentencing

Credit: www.cnbc.com /

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