Theranos Founder Sentenced to 11 Years in Prison
November 18, San Jose, CA: Theranos founder Elizabeth Holmes has been sentenced to 135 months (11.25 years) in prison by U.S. District Judge Edward Davila.
Holmes, who was found guilty in January on three counts of investor fraud and one count of conspiracy to commit fraud related to her blood-testing startup, faced up to 20 years in prison for each guilty count. Her sentence will begin on April 27, 2023.
Prosecutors asked for a 15-year sentence. Holme’s defense team sought no more than 18 months in prison. Per reporter Ethan Baron, who covered the sentencing live on his Twitter feed, Judge Davila declined to consider patient harm in the sentencing, as Holmes was acquitted of all charges related to patient harm, nor did he consider the full investor losses of $700 million, stating that there was “insufficient evidence to show that the defendant’s fraud and conspiracy was the sole cause of the company’s collapse.”
He instead based the sentence on Holmes defrauding 10 or more victims for a loss of $121 million.
Ramesh “Sunny” Balwani, former president and chief operating officer of Theranos, who was found guilty on 12 counts of fraud earlier this year, is scheduled to be sentenced next month.
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