Fraudulently misleading investors about the accuracy of her blood-testing technology, Theranos founder Elizabeth Holmes was given a sentence of more than 11 years in prison on Friday. On April 27 she turned herself in after receiving a surrender order.
In January, Holmes was found guilty in the United States District Court for the Northern District of California. She was emotional as she addressed the judge on Thursday night before her Friday sentencing.
When I first heard about Theranos, I was blown away. What I did was my life’s work,” Holmes declared. It meant everything to me to have a great team. The realization of my shortcomings has devastated me. Please accept my sincere apologies. Everything I had went into establishing my business.
As stated in court documents, her defense team argued she should receive no more than an 18-month sentence. She was instead sentenced to 135 months in prison, which is equivalent to 11 years and 3 months.
Theranos, which was once valued at $9 billion by private investors, went bankrupt in 2018.
That you very much for inviting me. She expressed gratitude for the kindness and consideration extended to her on Friday. When I think about the suffering others endured as a result of my shortcomings, it hurts very much. To my investors and my patients, I apologize.
A 15-year prison term was sought by prosecutors for the ex-billionaire and Silicon Valley celebrity, now 38 years old and pregnant. This past July, Balwani, who had a romantic relationship with Holmes many years ago, was found guilty of 12 counts of criminal fraud. His sentencing is planned for the following month.
Elizabeth Holmes’ Request For New Trial Denied
The judge did not believe the disgraced Theranos founder’s claim that she had “newly discovered evidence.”
Elizabeth Holmes, the disgraced founder of blood testing startup Theranos,
will be sentenced later this month after a federal judge denied her request for a new trial.
In September, Holmes’ attorneys asked for a new trial, saying a key prosecution witness had apologized to her privately for his testimony.
Even in the closing arguments of the trial of Ramesh “Sunny” Balwani, the former president of Theranos and Holmes’ ex-lover,
the government referred to “newly discovered” evidence. Moreover, they charged the government with wrongdoing.
On August 8, Holmes’ attorneys claimed, former Theranos lab director Adam Rosendorff showed up at Holmes’ house unannounced and apologized for his part in the former CEO’s conviction.
Prosecutors’ claims that Balwani “had a lot of influence over [Defendant] in their relationship,” made during closing arguments, were also cited as “new evidence.” At a separate trial in July, Balwani was found guilty of fraud.
U.S. District Judge Edward Davila, in a ruling issued late Monday, ruled against all of Holmes’ motions for a new trial, finding that the new evidence wasn’t sufficient to warrant a retrial under the law.
According to the order issued by Davila, “the court finds that the statements Dr. Rosendorff made to Mr. Evans do not stand for any of the proposed meanings that Defendant would want, and even if they did, they would not be material to the issues at trial.”
Where Did It First Begin?
According to Inc., Holmes filed her first patent application in 2003, while she was still in college, for a patch that could be used to test patients and administer medication.
(That plan was scrapped, by the way.) One year later, she completely abandoned her studies at Stanford’s School of Engineering, using the tuition money she had gotten from her parents to launch her own startup,
as reported by Inc. She was in her early twenties. When I was 19, I was eating chicken sandwiches from the local deli and watching old episodes of Judge Judy.
The New Yorker reports that Holmes combined the words “therapy” and “diagnosis” to create the name Theranos for her company. She resolved to use “nanotainers,” or vials smaller than half an inch, to completely alter the blood-testing industry.
Inspired by her own fear of needles, she allegedly told investors that her company could test for as many as 240 conditions with just a drop of blood.
The promise that the “Edison” machines developed by Theranos could perform the tests in minutes was appealing to both doctors and their patients. Earlier diagnoses, according to Holmes, would save lives because of her invention.
When Will Elizabeth Holmes Report To Prison?
The 38-year-old could have received a maximum of 20 years in prison. The defense team for Holmes asked for a sentence of no more than 18 months in jail.
Holmes will begin serving her federal prison sentence on April 27, 2023, giving her time off for the birth of her child. She was given a sentence of 11 years and 3 months.
“The realization of my shortcomings has devastated me. Because of my failures, I have experienced intense sorrow for the suffering of others “Holmes asserted on Friday in court.
In addition to Holmes, Ramesh “Sunny” Balwani, the chief operating officer at Theranos and former boyfriend of Holmes, is scheduled to be sentenced on December 7.
For his part in the bankrupt company, he was found guilty on 12 counts of felony investor and patient fraud.
According to CNN, on Friday, November 18, Judge Edward Davila handed down a sentence of 11 years and three months in prison to the 38-year-old medical technology entrepreneur Elizabeth Holmes.
Holmes was given until April 27, 2023, to surrender to authorities. The former CEO, who was convicted of four counts of defrauding investors in January, will have to serve three years of supervision after being released from prison and pay a fine of $100 for each count of fraud.
Sobbing during her sentencing, the Associated Press reported that Holmes had recently given birth to her first child,
a son named William, with husband Billy Evans in August of 2021. I regret my failings with every cell in my body,” the former tech guru reportedly told the judge on Friday.
The Stanford grad left the prestigious California university in 2004 to start Theranos. She first gained notoriety in 2015, when the FDA began looking into the company over its claims that its cutting-edge medical technology could conduct accurate blood tests with just a finger prick.
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