After being convicted earlier this year of defrauding investors in her famed blood testing company that took Silicon Valley by storm before it was revealed its technology could not perform the tests it said it could, Elizabeth Holmes was sentenced Friday to 11 years in prison.
The former Theranos CEO is in San Jose. She was sentenced in federal court after being convicted of four counts of fraud for allegedly engaging in a multimillion-dollar scheme to defraud investors in her company.
According to the Wall Street Journal, the judge said that the fact that she had not accepted responsibility for her actions will count against her when she is sentenced.
She was found guilty of three counts of wire fraud and one count of conspiracy to commit wire fraud but not of doctors or patients.
Her business partner is scheduled to be sentenced on December 7 after being found guilty of 12 counts of wire fraud and conspiracy to commit wire fraud.
She faced up to 20 years in prison, but her team requested that she spend only 18 months in prison, with home confinement and community service, and prosecutors wanted 15 years in prison.
Over 130 people submitted letters of support for the man.
I am distraught by my failures. Before she was sentenced, she said that she had felt deep pain for what people had gone through because of her. I want to apologize for my failures with my cells in my body.
It's 4.5 billion dollars. At the height of her success, Forbes estimated that she was worth over one hundred million dollars.
When she was 19 she dropped out of college to start Theranos, a company she thought would change the healthcare industry by using a single drop of blood to run dozens of tests. Former Secretary of State George Shultz was on the board of the company. It was able to get its machines in-store. A rare female founder in the tech space gained notoriety and was featured on magazine covers and became known for her deep voice and repeatable wardrobe. The Wall Street Journal exposed that Theranos technology couldn't perform the tests it claimed it could. The same year Theranos shut down, the company's former executives were charged with fraud. Balwani has denied accusations that he abused her. During her trial, she testified that she did not intend to deceive anyone, and that she used commercial blood testing machines instead of the company's technology.
Her alleged misdeeds were the subject of several TV programs. The Inventor: Out for Blood in Silicon Valley was a documentary about Theranos. The Dropout, about the rise and fall of Theranos, was a dramatization of her life. The actress won an award for her work. The Academy Award winner said she quit the Apple production because she saw the performance by the actress. She was wonderful. We don't need to redo that. Lawrence claimed that she did it.
She asked for 18 months in prison after being found guilty.
The woman was found guilty on wire fraud charges.
The business partner of ElizabethHolmes was found guilty of fraud.
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