The founder and CEO of Theranos, who lied over and over about her blood testing startup, can expect to go to prison soon. He was sentenced to 11.25 years in prison. The court in San Jose. After four hours of arguments, the sentence came down.
The final decision was more than what federal prosecutors wanted, but less than what the defense wanted. Attorneys have been involved in the case for a long time. According to reporters in the courtroom, the prosecution argued that a lengthy sentence would argue that the ends don't justify the means, while the defense tried to show that she was smart and responsible.
The case was troubling due to the fact thatHolmes was a bright young woman. He said that failure by fraud is not okay.
The court was asked for a 15 year sentence by federal prosecutors. Patients and investors were promised that Theranos could run multiple blood tests on a single drop of blood.
I am devastated by my failures and I cried at my sentencing. I failed people and they went through a lot. I wish I could take back my mistakes with my body.
The number of investors was limited to 10 so that fines could be calculated. He said that the total loss to investors was just $121 million and that there would be a future hearing. It's very likely that she doesn't have the $804 million that prosecutors wanted her to repay to investors. The calculation should be closer to 40 million, according to the defense.
The crowd of people gathered outside the courthouse in San Jose, California linked hand-in-hand with partner Billy Evans, mother, Noel, and father Christian. Billy Evans, the partner of the Theranos CEO, confirmed that she was pregnant in a letter to the court.
Between now and when she sees the inside of a cell, she will have some time. Dean Johnson, a legal analyst for NBC Bay Area, said on Friday that the attorneys are likely to file a stay for an appeal, which could take up to a year or more, in order to keep him out of prison. As per federal sentencing guidelines, Johnson's pregnancy can't factor into her sentence, though compassion for a new mother might still play a role.
After raising $945 million from investors, Theranos was once valued at $9 billion, but the company's fall has proved a kick in the pants to the "genius" startup founder narrative. According to court documents, prosecutors argued that a long sentence would deter other tech fraud.
A jury found her not guilty on four of the 11 counts she was charged with. The founder of Theranos was found guilty of wire fraud and conspiracy, but she was not charged with defrauding patients.
She has tried a number of times to change the sentencing date or get a new trial. She said that a key witness for the prosecution, lab director Adam Rosendorff, had been insincere when he testified. Any change in testimony would not change the outcome of the trial. The judge was asked to limit her sentence to just 18 months of house arrest compared to the full maximum of 80 years based on the charges.
Kevin Downey, one of Holme's attorneys, argued that the witnesses who never took the stand during trial were the ones who said "they don't put attractive people like me in jail."
The senator from New Jersey wrote a glowing character letter for the woman who received 130 letters in support of a lighter sentence. He said that he had been friends with her for about six years prior to her indictment.
Others wrote in support of him. The actor Ricki Noel Lander said she had a good relationship with the Theranos founder. There were many other letters from childhood friends, old co-workers, and even some old investors. She seemed to get a lot of bad advice and things went south after we backed Theranos.
She was called an intelligent, fearless woman who took on a huge project that should have changed the world and nearly succeeded. She is the mother of a one-year-old boy, and the prospect of jail time was terrifying.
She was considered a "wunderkind" who could change the world with her intelligence. The rise and fall of Sam Bankman- Fried can be seen in his empire centered on the exchange FTX. The U.S. Attorney's Office and Department of Justice are investigating Bankman- Fried.
While he was leader of the company, he implied that the company's former president and COO was more responsible for the fraud and conspiracy. Balwani will be sentenced on December 7.
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