11/18/2022
U.S. judge sentences Theranos founder Elizabeth Holmes to more than 11 years in prison for defrauding investors in her now-defunct blood testing startup that was once valued at $9 billion
U.S. District Judge Edward Davila in San Jose, Calif., sentenced Holmes on three counts of investor fraud and one count of conspiracy. A jury convicted Holmes, 38, in January following a trial that spanned three months.
Assistant U.S. Attorney Jeff Schenk told the judge before he handed down the sentence that a 15-year sentence would be “making a statement that the ends don’t justify the means.”
But Holmes’ attorney Kevin Downey urged leniency for Holmes at the hearing, saying that unlike someone who committed a “great crime” she was not motivated by greed.
Holmes had asked in court papers for a more lenient sentence of 18 months of home confinement, followed by community service, urging the judge not to make her a “martyr to public passion.”
Prosecutors said at trial that Holmes misrepresented Theranos’ technology and finances, including by claiming that its miniaturized blood testing machine was able to run an array of tests from a few drops of blood. The company secretly relied on conventional machines from other companies to run patients’ tests, prosecutors said.
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