Elizabeth Holmes was sentenced to more than 11 years in prison. He was found guilty of defrauding investors while running a botched blood test with startup Theranos.
Reported Cnn, on Saturday (11/19/2022), Judge Edward Davila sentenced him to 11 years and 3 months in prison, with supervision for an additional 3 years after Holmes’ release. The fine also includes a $400 or $100 fine for each count of fraud.
The refund will be determined at a later time. Holmes was ordered to appear in custody on April 27, 2023. He is expected to appeal the ruling.
Holmes, who pleaded guilty in January to four counts of investor fraud, faces up to 20 years in prison and a $250,000 fine plus restitution on each charge.
Government lawyers have asked for a 15-year prison sentence, as well as probation and restitution, while Holmes’ probation officer has asked for a 9-year sentence. Holmes’ defense team asked Davila, who was presiding over the case, to sentence him to a maximum of 18 months in prison followed by probation and community service.
Before the sentence was announced, Holmes spoke tearfully in the courthouse in San Jose, California.
“I love Theranos. It’s my life’s work. The people I try to interact with on Theranos are the people I love and respect the most. I am devastated by my failure,” he said.
He also apologized to Theranos employees, investors and patients. He admits he regrets what he did.
“I am very, very sorry. I gave everything I had to build our company and to save our company. I regret my failure with every cell in my body,” he said.
“The judge issued a tough ruling that fraud cannot masquerade as an innovation in Silicon Valley. When given the opportunity to speak, Elizabeth Holmes said she was responsible for Theranos but did not say she was responsible for the fraud “, he has declared. former SEC enforcement attorney and UC Davis assistant law professor, George Demos.
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