The jury finds Elizabeth Holmes guilty of fraud
Therano founder Elizabeth Homes has been sentenced to more than 11 years in prison for defrauding investors of the startup for blood tests.
Holmes, who plans to appeal, will not have to serve his 135-month prison sentence until April 2023, the judge announced during the hearing.
“I am devastated by my failures,” a heavily pregnant Holmes said in a tearful apology in the courtroom.
“I’ve felt deep pain for what people went through, because I let them down.”
Prosecutors had asked Judge Edward Davila to sentence Holmes to 15 years in prison and that she pay $800 million in restitution for her role in the company’s fraudulent claims.
Holmes’ lawyers cast her as a scapegoat who overcame a toxic relationship with Therano COO Ramesh “Sunny” Balwani to become a loving mother.
Defense lawyer Kevin Downey said Holmes had “good intentions” and there was no evidence she had been motivated by greed.
Holmes was convicted in January of three felony counts of wire fraud and one felony count of conspiracy to commit wire fraud.
Judge Davila said he would schedule a restitution hearing to determine how much Holmes must repay at a later date.
Therano founder Elizabeth Holmes was sentenced to 11 years in prison
Judge Edward Davila told the heavily pregnant former Theranos executive: ‘Liquidation is normal. But failure by deception is not OK.’
Bevan HurleyNovember 19, 2022 at 13.00
Holmes admits responsibility for Therano’s failure in a tearful courtroom apology
“I am devastated by my failures. I have felt deep pain for what people went through, because I let them down,” Elizabeth Holmes told the judge through tears.
It was the first time Holmes took responsibility for Therano’s failure.
Elizabeth Holmes speaks on stage during the closing session of the 2015 Clinton Global Initiative
(Getty)
Bevan HurleyNovember 19, 2022 at 12.00
Devastating victim impact statement from whistleblower’s father
Alex Schultz, father of Therano whistleblower Tyler, read a victim statement to say Holmes had taken a “wrecking ball” to his family.
He looked directly at Elizabeth Holmes when he said that Tyler had feared for his life after she hired private investigators to pry into his life.
“My son slept with a knife under his pillow every night thinking someone was going to kill him.”
Schultz is the son of former Secretary of State George Schultz, who was an early Theranos backer.
Bevan HurleyNovember 19, 2022 at 11 a.m
Selfless visionary or schemer?
But for her many advocates and detractors, Friday’s sentence is unlikely to end the debate over whether Holmes was a well-meaning humanitarian who got in over her head, or a polo-shirt-wearing charlatan who chose “deception over sincerity.”
Bevan HurleyNovember 19, 2022 at 10.00
Therano founder Elizabeth Holmes was sentenced to 11 years in prison
Judge Edward Davila told the heavily pregnant former Theranos executive: ‘Liquidation is normal. But failure by deception is not OK.’
Bevan HurleyNovember 19, 2022 at 09.00
Judge says tragedy of case is Holmes was ‘brilliant’
Before sentencing Holmes to 11 years and three months in prison, Judge Edward Davila described the case as “so disturbing on so many levels”.
“The tragedy in this case is that Ms. Holmes is brilliant, she had creative ideas. She’s a big thinker. She moved into an industry that was dominated by, let’s face it, male ego. She entered that world.”
Former Therano CEO Elizabeth Holmes (C) arrives in federal court with her partner Billy Evans (R) and mother Noel Holmes on November 18, 2022 in San Jose, California
(Getty Images)
Bevan HurleyNovember 19, 2022 at 08.00
Elizabeth Holmes walks past the media, exits the courthouse through the side entrance
With dozens of cameras trained on the main entrance of the federal courthouse in San Jose after her sentencing, Elizabeth Holmes emerged from a side entrance.
She will have to report to corrections officials to begin her 11-year sentence in April.
(EPA)
Bevan HurleyNovember 19, 2022 at 07.00
The Wall Street Journal reporter comments on Holmes’ verdict
John Carreyrou, whose reporting on The Wall Street Journal exposed problems at Theranos, was in court to see Holmes sentenced.
In comments outside the courthouse, the Bad blood The author said the sentence was “stiff” but appropriate given that Holmes had named the patients at risk.
Bevan HurleyNovember 19, 2022 at 06.00
Selfless visionary or schemer?
But for her many advocates and detractors, Friday’s sentence is unlikely to end the debate over whether Holmes was a well-meaning humanitarian who got in over her head, or a charlatan in a polo shirt who chose “deception over sincerity.”
Bevan HurleyNovember 19, 2022 at 05.00
Therano founder Elizabeth Holmes was sentenced to 11 years in prison
Judge Edward Davila told the heavily pregnant former Theranos executive: ‘Liquidation is normal. But failure by deception is not OK.’
Bevan HurleyNovember 19, 2022 at 04.00
#sentenced #years #prison #follow #sentence #live