By PNG Haus Bung |
November 21, 2022
Elizabeth Holmes has been sentenced to 135 months, or just over 11 years, in prison,Ā according to journalist John Carreyrou.
She will have to report to prison on April 27th, 2023, and will have an additional three years of supervised release once sheās out,Ā according toĀ Yahoo Financeās Alexis Keenan.
Judge Edward Davila, who has overseen the case, declared that the charges she had been found guilty of made her responsible for defrauding 10 victims out of $121 million,Ā according toĀ The New York Timesā Erin Griffith.
Davila said that Holmesā refusal to accept responsibility for the fraud counted against her in his sentencing decision,Ā according toĀ The Wall Street Journal.
A juryĀ found Holmes guiltyĀ of three counts of wire fraud and one count of conspiracy to commit wire fraud earlier this year.
In the weeks leading up to the former Theranos CEOās sentencing, prosecutorsĀ asked the judgeĀ to give her 15 years of prison time and to pay victims more than $800 million. On the day of the trial, the government argued Holmesā actions put patients in harmās way,Ā according to the WSJ.
Meanwhile, Holmesā lawyers filed an 82-page document arguing whyĀ she should get a much lighter punishmentĀ ā 18 months of house arrest and community service, at most ā and provided well over 100 letters written in support of the founder.
Holmes led a company that promised to revolutionize the medical industry by running over 240 tests on a single drop of blood, where traditional panels required much larger samples.
But it turned out that the companyās tech didnāt work andĀ gave patients inaccurate results. (Holmes was found not guilty on two counts of defrauding patients and one count of conspiracy to defraud patients.)
The trialĀ mainly hingedĀ on whether Holmes knew she was giving out false information. In announcing his decision, Davila cited texts between Holmes and Sunny Balwani, former chief operating officer and president of Theranos, as proof that Holmes conspired to defraud investors,Ā according to NBC Newsā Scott Budman.
Balwani was alsoĀ found guilty in a separate trial: 10 counts of wire fraud and two counts of conspiracy to commit wire fraud. Unlike Holmes, Balwani was found to have misled both investors and patients.
He isĀ set to be sentencedĀ on December 7th.
Source:theverge.com
