Theranos founder Elizabeth Holmes sentenced to 11 years in prison for investor fraud, conspiracy
Former Theranos CEO Elizabeth Holmes
A US federal court on Friday sentenced Elizabeth Holmes former CEO of Theranos, a blood-testing startup,to 11 years and three months in prison after finding her guilty of defrauding investors through her company.A federal judge on Friday sentenced Holmeson three counts of investor fraud and one count of conspiracyin her now-defunct blood-testing startup that was once valued at $9 billion.
US District Judge Edward Davila announcing the sentencing said the case was "troubling on so many levels," and that Holmes' hubris and lies led to the company's downfall.
"This is a fraud case where an exciting venture went forward with great expectations only to be dashed by untruths, misrepresentations, plain hubris and lies," said Judge Davila.
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Before the judge handed the sentencing, Holmes addressed the court and said she was 'ashamed' of failing those around her.
"Looking back, there are so many things I would do differently if I had the chance. I regret my failings with every cell of my body," said Holmes.
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"I have felt deep shame for what people went through because I failed them," she added.
Holmes was convicted on four counts but acquitted on four other counts. The Theranos founder plans to appeal theverdict but the court has set a surrender date ofApril 27, 2023, for her.
Touted the next 'Steve Jobs', Holmes' fall from grace has been well documented in media and popular culture. In the lead-up to the Friday sentencing, Holmeshad pleaded the court to show leniency as her counsel argued that she shouldn't be made a martyr.
"No defendant should be made a martyr to public passion. We ask that the court consider, as it must, the real person, the real company and the complex circumstances surrounding the offense," read the document submitted by her counsel.
Elizabeth Holmes is the founder and ex-CEO of Theranos, a now-defunct health technology company that soared in valuation after itfalsely claimed to have revolutionised blood testing by developing methods that could use surprisingly small volumes of blood, such as from a fingerprick for multiple diagnostic examinations.
Holmeshad a meteoric rise and was on the covers of business magazines that hailed her as the next Steve Jobs. Her deception was persuasive enough to draw in even sophisticated investors like software magnate Larry Ellison, media mogul Rupert Murdoch and the Walton family behind Walmart.
(With inputs from agencies)
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