• Mon. Jul 15th, 2024

Theranos Founder Elizabeth Holmes Receives 11-Year Prison Sentence

ByAnthony Noto

Nov 18, 2022
Theranos Founder Elizabeth Holmes Receives 11-Year Prison Sentence

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Theranos founder Elizabeth Holmes received an 11-year sentence in prison on Friday, Nov. 18, following her conviction for defrauding investors.

What Happened: Judge Edward Davila sentenced the disgraced entrepreneur to 135 months, plus a fine of $400, or $100 for every count of fraud.

Restitution for the case is expected at a later date, which has yet to be set.

See Also: Wall Street Crime And Punishment: The Blood On Elizabeth Holmes’ Fingers

“I loved Theranos. It was my life’s work,” Holmes told the court, referring to the failed blood-testing startup she launched in 2003. “I am devastated by my failings.”

Holmes, who is pregnant, also addressed her former Theranos employees, as well as its financial backers and patients.

“I’m so, so sorry,” she said. “I regret my failings with every cell in my body.”

What’s Next: Theranos COO Ramesh “Sunny” Balwani was found guilty on 12 charges in a separate trial. He faces the same amount of prison time as Holmes.

During the trial, Holmes alleged that Balwani, who was also her boyfriend at one point, was abusive. Balwani’s lawyers have denied Holmes’ claims.

Balwani’s sentencing is scheduled for Dec. 7.

Next: Sam Bankman-Fried Used FTX Funds To Buy Home In The Bahamas

 

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Image and article originally from www.benzinga.com. Read the original article here.