She is shown here making a statement to the judge before the sentencing.
I am devastated by my failings.”Įlizabeth Holmes, the founder of failed blood testing startup Theranos who was convicted of fraud earlier this year, was sentenced today by a judge in court in San Jose, California. “The people I tried to get involved with Theranos were the people I loved and respected the most. Holmes’ defense team asked Davila, who presided over her case, to sentence her to up to 18 months of incarceration followed by probation and community service.īefore the sentencing was announced, a tearful Holmes spoke to the court in San Jose, California. Lawyers for the government asked for a 15-year prison term, as well as probation and restitution, while Holmes’ probation officer pushed for a nine-year term.
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Holmes, who was found guilty in January on four charges of defrauding investors, faced up to 20 years in prison as well as a fine of $250,000 plus restitution for each count. She is expected to appeal her conviction. Holmes was ordered to turn herself into custody on April 27, 2023. The sentence also includes a fine of $400, or $100 for each count of fraud. Judge Edward Davila imposed a sentence of 11 years and three months in prison, with another three years of supervision after Holmes is released.
Bankman-Fried hasn't been charged with a crime, but he's in legal jeopardy after revelations that his company was unable to give depositors their money back because some of it was used to fund risky, losing bets.Elizabeth Holmes was sentenced to more than 11 years in prison on Friday following her conviction in January for defrauding investors while running the failed blood testing startup Theranos. 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. The Theranos founder gave birth in July to her first child, and is expecting another. Holmes' partner, Billy Evans, told the court that the former employee made remorseful remarks at their shared residence.īut that employee, Adam Rosendorff, told the court that his remarks were due to distress at the thought of a child spending time without their mother.
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The erstwhile billionaire had attempted to move for a new trial after a former employee appeared at her doorstep in August to speak with her. District Court Judge Edward Davila, who presided over Holmes' trial, handed down the sentence. In July, Balwani, who was romantically involved with Holmes years earlier, was found guilty of 12 criminal fraud charges. Prosecutors sought a 15 year sentence for the pregnant 38-year-old former billionaire and Silicon Valley celebrity. "I have felt deep pain for what people went through because I failed them. Thank you for the courtesy and respect you have shown me," she said Friday. Once valued at $9 billion by private investors, Theranos shut down in 2018. Whistleblowers and other witnesses came forth to provide detailed accounts of how Holmes and former operating chief Ramesh "Sunny" Balwani deceived patients, partners, investors and employees about the company's progress and the capabilities of its technology. The Wall Street Journal first broke the story of how Theranos' blood-testing technology was struggling to meet expectations in 2015. Instead, she was given 135 months, which amounts to 11 years and three months, behind bars. Her defense team argued she should face a maximum sentence of 18 months, according to court filings. I gave everything I had to build my company." Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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