Elizabeth Holmes Sentenced to More Than 11 Years in Prison for Defrauding Theranos Investors
Elizabeth Holmes in January was convicted of four out of 11 charges of federal fraud and conspiracy for deceiving investors about Theranos's technology and business dealings.
Elizabeth Holmes, the Silcon Valley darling-turned disgraced founder of the failed blood testing start-up Theranos, was sentenced to more than 11 years in prison Friday for defrauding her company's investors.
Holmes, 38, in January was convicted of four out of 11 charges of federal fraud and conspiracy for deceiving investors about
Theranos's technology and business dealings.
She raised $945 million for Theranos while claiming the company would be able to complete tests using just a few drops of blood, and in turn, ushering health care into a new era. Those claims were untrue.
Holmes was sentenced to 135 months in prison, which is slightly more than 11 years, by Judge Edward J. Davila of the U.S. District Court for the Northern District of California, The New York Times reported.
The federal sentencing guidelines for wire fraud of the size that Holmes was convicted of carrying out recommend 20 years in prison.
Prosecutors asked for 15 years and $804 million in restitution for 29 investors, writing in a memo to the judge, "She stands before the Court remorseless. She accepts no responsibility. Quite the opposite, she insists she is the victim. She is not."
Holmes's lawyers asked for 18 months of house arrest.
Holmes is currently pregnant with her second child with her husband, the heir to the Evans Hotel Group's chain of hotels, William Evans. He wrote a letter to Judge Davila asking for her freedom.
"You hold the life of my partner in your hands ... Elizabeth (who I call Liz). So much of what has been written about Liz is untrue. She is my whole life, my mentor, my guide," he wrote. "She is honest, humble ... [and] terribly scared. Please let her be free."
Holmes must report to prison on April 27, 2023. She plans to appeal the verdict, according to the Times.
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