In her fraud trial, Elizabeth Holmes was sentenced to 11 years in prison.
A judge in a federal court in San Jose, California sentenced the founder of the failed blood-testing startup, Theranos, on Friday. She was sentenced to 11.25 years in prison and three years of supervised release. The sentence is set to begin in April 2023.
As previously reported, Holmes was found guilty on four of the eleven charges she faced in her fraud trial earlier this year: one count of conspiracy to commit wire fraud and three counts of wire fraud.
She was charged with wire fraud conspiracy and various counts of wire fraud for fooling investors, patients, and advertisers… all in the name of money and glory. She was found not guilty on four counts, but the jury couldn’t agree on three of them.
During the trial, Holmes testified that she had good intentions and put her faith in the experts behind the start-up. During her sentencing, it was also disclosed that she is pregnant with her second child… she also addressed the court, becoming emotional, and claimed responsibility for Theranos, apologised to investors.
In addition, Holmes quoted a Rumi quote, stating, “I attempted to alter the world yesterday. Today, I’m wise and wish to change.”
The billion-dollar company promised to make blood testing cheaper and easier, but it was later revealed that its devices could only successfully complete 12 tests… rather than Elizabeth’s claim of 1,000. Three years later, the company was closed down.
There’s been a documentary, a best-selling book, a podcast and a drama series — “The Dropout” — all centered around the company’s downfall.
She started the company when she was 19 … back in 2003.