Elizabeth Holmes sentenced to more than 11 years in prison for defrauding Theranos investors

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Elizabeth Holmes, a Silcon Valley darling and disgraced founder at the failed blood testing startup Theranos was sentenced Friday to more than 11 year imprisonment for defrauding investors. 

In January, Holmes, 38, was convicted on four of the 11 federal fraud charges and conspiracy to deceive investors.

Technology and business deals at Theranos.

Theranos was raised by her while she claimed that the company could complete tests with just a few drops. This would, in turn, bring about a new era of health care. Those claims were untrue.

Judge Edward J. Davila of U.S. District Court Northern District of California sentenced Holmes, who was sentenced to 135 month imprisonment. This is slightly longer than 11 years. The New York Times reported.

Federal sentencing guidelines recommend that Holmes spend 20 years prison for wire fraud.

Prosecutors requested $804 million and 15 years of restitution for 29 investors. They wrote this in a memo to a judge. “She stands before the Court remorseless. She accepts no responsibility. Quite the opposite, she insists she is the victim. She is not.” 

Holmes’ lawyers asked for 18-months house arrest.

Holmes is currently pregnant and expecting her second child together with her husband, William Evans, who is the heir to Evans Hotel Group’s chain hotels. He wrote to Judge Davila requesting her release.

“You hold the life of my partner in your hands … Elizabeth (who I call Liz). So much of what has been written about Liz is untrue. She is my whole life, my mentor, my guide,”He wrote. “She is honest, humble … [and] terribly scared. Please let her be free.”

Holmes must report to prison by April 27, 2023. According to The Times, she plans to appeal the verdict. 

 

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