From heroine to villain
Tech scammer Holmes sentenced to 11 years in prison
Elizabeth Holmes wanted to change medicine. But the tech founder fooled everyone. She now she has to go to jail for about eleven years for fraud.
Elizabeth Holmes has been sentenced to 11 years in prison.
Former American blood test entrepreneur Elizabeth Holmes (38), once a celebrated young star in the biotech industry, has been sentenced to around eleven years in prison for fraud.
A federal judge in the city of San José, California, announced this Friday the sentence against the founder of the emerging company Theranos. The pregnant 38-year-old does not have to start her prison term before April 27 of next year.
Guilty of four counts of fraud
Holmes was found guilty of four counts of investor fraud by a jury in January. Subsequently, the prosecutor had requested 15 years in prison against her.
The defense had argued that Holmes should be pardoned or sentenced to no more than a year and a half in prison. Federal Judge Edward Davila has now handed down a sentence of 135 months, or 11 years and three months, in prison.
Millionaire, then everything will explode
Holmes founded Theranos in 2003 when he was just 19 years old. The company advertised a supposedly revolutionary technology for particularly fast, effective and cheap blood tests.
The charismatic young entrepreneur was celebrated as a technology pioneer, winning financially strong investors and prominent supporters including former Secretary of State Henry Kissinger and media mogul Rupert Murdoch.
Holmes herself became a billionaire. Then Wall Street Journal reports revealed that the technology didn’t work at all.
blame the ex boyfriend
Holmes has always denied defrauding investors. He admitted mistakes, but claimed to have believed in the potential of his technology. He also blamed his ex-boyfriend and former business partner Ramesh “Sunny” Balwani for the scandal. He too was found guilty of fraud in July. The sentence is still pending. (AFP)