Elizabeth Holmes, Theranos’ former CEO and founder, is now a freelance writer.sentencedTo just over 11 years imprisonment for defrauding investors in her startup blood testing. Holmes was sentenced almost one year ago. found guiltyAfter a lengthy trial, he was convicted of four counts fraud.
Holmes was sentenced total to 135 months imprisonment and three years of supervision release. The surrender date for Holmes was set for April 27th. A surrender date was set for April 27th. Judge Ed Davila indicated that she would also be ordered to make restitution. However, this amount will be decided at a separate hearing. Prosecutors asked for more $800 million in restitution accounting for 29 investors. But at the sentencing Hearing, Davila stated that restitution will be based upon $121 million losses to 10 investors. According to The New York Times.
Ahead of her sentencing, prosecutors had pushed for a 15-year sentence, while Holmes’ attorneys argued she should get no more than 18 months of house arrest. Her probation officer hadRecommendationNine years The New York Times reported.
Throughout the trial, Holmes’ lawyers tried to portray the Theranos founder as a young and inexperienced entrepreneur who hadn’t intended to deceive investors or the public. During her testimony, Holmes blamed many of Theranos’ problems on others at the company, including her former partner Ramesh “Sunny” Balwani.
She also testified that Balwani was abusive during their romantic relationship, and that he had misled her about what was happening in Theranos’ lab. Balwani, who as COO also oversaw day-to-day operations of the company’s lab, was found guiltyOn 12 counts of fraud, he was also tried in an earlier trial. His sentencing is set for December.
Holmes showed that she has powerful allies who will defend her even after her sentencing. A number of Silicon Valley investors, including Tim Draper, an early Theranos backer, sent letters of support to the judge requesting a lighter sentence. Cory Booker, a New Jersey senator Also, wrote in her support, asking the judge for “a fair and just sentence.”
Holmes made a short statement during her sentencing hearing. “I regret my failings with every cell of my body,” she said, According to Law360’s Dorothy Atkins. Multiple reporters inside the courtroom said that Holmes was crying all through her statement.
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