Elizabeth Holmes, the previous CEO and founding father of Theranos, has been sentenced to simply over 11 years in prison for defrauding the traders of her blood testing startup. The sentence comes nearly a yr after Holmes was discovered responsible on 4 counts of fraud following a months-long trial.
In whole, Holmes was sentenced to 135 months in prison, in addition to three years of supervised launch. A give up date was set for April twenty seventh. She can even be ordered to pay restitution, although Judge Ed Davila stated that quantity can be decided at a separate listening to. Prosecutors had requested for greater than $800 million in restitution, accounting for 29 traders, however on the sentencing listening to, Davila stated restitution can be based mostly on $121 million in losses to 10 traders, in accordance to The New York Times.
Ahead of her sentencing, prosecutors had pushed for a 15-year sentence, whereas Holmes’ attorneys argued she ought to get not more than 18 months of home arrest. Her probation officer had really helpful 9 years, The New York Times reported.
Throughout the trial, Holmes’ attorneys tried to painting the Theranos founder as a younger and inexperienced entrepreneur who hadn’t meant to deceive traders or the general public. During her testimony, Holmes blamed lots of Theranos’ issues on others on the firm, together with her former accomplice Ramesh “Sunny” Balwani.
She additionally testified that Balwani was abusive throughout their romantic relationship, and that he had misled her about what was taking place in Theranos’ lab. Balwani, who as COO additionally oversaw day-to-day operations of the corporate’s lab, was discovered responsible on 12 counts of fraud in a separate trial earlier this yr. His sentencing is scheduled for December.
Even at her sentencing, Holmes proved she nonetheless has influential allies to defend her. Several Silicon Valley traders, together with early Theranos backer Tim Draper, wrote letters of assist urging the decide for a lighter sentence. New Jersey Senator Cory Booker additionally wrote in her assist, asking the decide for “a fair and just sentence.”
Holmes delivered a quick assertion at her sentencing listening to. “I regret my failings with every cell of my body,” she stated, according to Law360’s Dorothy Atkins. Holmes was crying all through her assertion, in accordance to a number of reporters in the courtroom.
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