NEWSTheranos Founder Elizabeth Holmes Sentenced To 11 Years In Prison For Defrauding Investors
Nov. 18 2022, Published 5:33 p.m. ET
Elizabeth Holmes was sentenced to 11 years and three months in prison for defrauding investors in her blood-testing company, Theranos, on Friday, November 18, by Judge Edward Davila.
Additionally, she has another three years of supervision after the entrepreneur is released from jail. The sentence also includes a fine of $400. Holmes was ordered to turn herself into custody on April 27, 2023.
In January, Holmes was found guilty of four charges of wire fraud and conspiracy to commit wire fraud. She faced up to 20 years in prison, in addition to a fine of $250,000.
Prior to Holmes' sentencing, she spoke to the court about her previous actions.
“I loved Theranos. It was my life’s work,” she said of the company. “The people I tried to get involved with Theranos were the people I loved and respected the most. I am devastated by my failings.”
“I’m so, so sorry. I gave everything I had to build our company and to save our company,” she continued. “I regret my failings with every cell in my body. Thank you for having me. Thank you for the courtesy and respect you have shown me. I have felt deep pain for what people went through because I failed them. To investors, patients, I am sorry.”
Holmes, 38, started Theranos in 2003 at 19 years old. She later dropped out of Stanford University to focus on the company full-time.
Ultimately, the company began to unravel after the Wall Street Journal found out Theranos, which originally claimed they invented technology that could accurately test a slew of conditions just by using a few drops of blood from a finger prick, only performed a dozen tests — and they weren't accurate.
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Other people came forward about Ramesh "Sunny" Balwani, who was the former operating chief of Theranos, claiming he deceived patients, partners and investors.
Balwani, who was romantically involved with Holmes years prior, was found guilty of 12 criminal fraud charges in July.
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