Elizabeth Holmes, Theranos founder, sentenced to 11.25 years in prison
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Elizabeth Holmes, Theranos founder, sentenced to 11.25 years in prison
Elizabeth Holmes, founder and CEO of the collapsed Silicon Valley blood testing company, Theranos, has been sentenced to 11.25 years in prison plus three years supervised release for financial crimes she committed while running the once-high flying venture.
Holmes was also fined a $400 special assessment. Holmes must surrender to custody on April 27, 2023. Holmes is expected to appeal.
The judge presiding over Holmes’ trial and sentencing said the landmark case, one of the most closely watched in Silicon Valley history, should be a cautionary tale for startup founders who are willing to overhype the capabilities of their products.
“I suppose we step back and ask what is the pathology of fraud? Is it the refusal to accept responsibility or express contrition in any way?" Judge Edward Davila said. "Perhaps that is the cautionary tale that will go forward from this case."
In letters submitted to the court in support of Holmes, Davila noted that venture capitalists point to the fact that startup failures are "normal" and investors expect to lose 90% of the money they invest.
"One thing that was missing from those letters...the letters did not say anything about, nor did they endorse, 'failure by fraud,'" Davila added.
Before the sentencing, Davila said that under the U.S. Sentencing Guideline considerations, the court found that Holmes should serve between 11.25 years and 14 years in prison. The court's calculation as to the "reasonable total loss" sustained by identified victims of the fraud to total $121.1 million.
On Friday, Holmes, 38, appeared for sentencing in the San Jose district courthouse where a jury in January found her guilty of three counts of wire fraud and one count of conspiracy. In convicting Holmes, the jury found she lied to investors who fueled roughly $900 million into the biotech venture about Theranos’ technology and profitability.
As Davila read Holmes’ sentence aloud to a packed courtroom, the former CEO and one-time Silicon Valley darling was visibly pregnant with her second child in a long, black skirt and blazer. Holmes was accompanied in court by her partner, Billy Evans, and her mother, Noel Holmes.
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