Elizabeth Holmes verdict live: Theranos founder to face restitution hearing
Jury finds Elizabeth Holmes guilty of fraud
Theranos founder Elizabeth Homes has been sentenced to more than 11 years in prison for defrauding investors of the blood-testing startup.
Holmes, who plans on appealing, will not have to report for her 135-month prison sentence until April 2023, the judge announced during the hearing.
“I am devastated by my failings,” a heavily-pregnant Holmes said in a tearful courtroom apology.
“I have felt deep pain for what people went through, because I failed them.”
Prosecutors had asked Judge Edward Davila to sentence Holmes to 15 years in prison and that she pay $800m in restitution for her role in the company’s fraudulent claims.
Holmes’ lawyers cast her as a scapegoat who overcame a toxic relationship with Theranos COO Ramesh “Sunny” Balwani to become a loving mother.
Holmes was convicted in January of three felony counts of wire fraud and one felony count of conspiracy to commit fraud.
Judge Davila said he would schedule a restitution hearing to determine how much Holmes must repay at a later date.
Who is Elizabeth Holmes?
But for her many advocates and detractors, Friday’s sentence is unlikely to end the debate around whether Holmes was a well-intentioned humanitarian who got in over her head, or a charlatan in a turtleneck sweater who chose “deceit over candour”.
The Department of Justice left no doubt about the 38-year-old’s criminal intent. In a scathing 46-page sentencing memo, assistant US attorney Robert Leach described Theranos’ implosion as one of the most “substantial white collar offences Silicon Valley or any other district has seen”.
Leach wrote that the Theranos founder “preyed on hopes of her investors that a young, dynamic entrepreneur had changed healthcare”.
Meanwhile, Holmes’ legal team tried to portray her as a devoted mother, daughter and friend who tried to help countless others through her generosity and faith.
The Independent’s Bevan Hurley explores who Holmes really is:
Megan Sheets19 November 2022 14:15
Theranos founder Elizabeth Holmes sentenced to 11 years in prison
Judge Edward Davila told the heavily pregnant former Theranos boss: ‘Failure is normal. But failure by fraud is not OK.’
Bevan Hurley19 November 2022 13:00
Holmes admits responsibility for Theranos failure in tearful courtroom apology
“I am devastated by my failings. I have felt deep pain for what people went through, because I failed them,” Elizabeth Holmes told the judge through tears.
It was the first time Holmes had taken responsibility for the Theranos failure.
Elizabeth Holmes speaks on stage during the closing session of the Clinton Global Initiative 2015
(Getty)
Bevan Hurley19 November 2022 12:00
Devastating victim impact statement from…
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