Theranos: Elizabeth Holmes sentenced to 11 years in prison

Spread the love

: Elizabeth Holmes sentenced to 11 years in prison” />

Former Theranos CEO Elizabeth Holmes has been found guilty of lying to investors about her company's real progress.

The former Silicon Valley star Elizabeth Holmes was sentenced to just over 11 years in prison on Friday for fraud in running her startup Theranos, which promised a revolution in health diagnostics.

L' accused, pregnant and mother of a little boy, has until April 27 to begin her sentence, said judge Edward Davila.

After four months of a media trial in court in San Jose, California, she was found guilty in January of lying to investors about her company's real progress.

I take, before you, my responsibilities for Theranos, she told the hearing Friday, sobbing, just before the pronouncement of the sentence.

I am devastated by my failures, she added. Not a day has gone by in the last few years that I haven't been deeply touched by what people have gone through because of my mistakes.

At the the statement of the verdict, the partner and the parents of the former leader, 38 years old today, came to hug her.

The prosecution had requested 15 years in prison and wanted her to return $800 million to her victims. The defense had pleaded for a maximum sentence of one and a half years.

Her lawyer said on Friday that she would appeal.

The tragedy in this case is that Ms. Holmes is brilliant and has managed to make her mark in a world dominated by male egos, noted the judge.

But there was also enough evidence of manipulation and lies used to do business, he said added.

The magistrate said he ignored Elizabeth Holmes' apparent disregard for potential risks to patients as she was acquitted of charges of defrauding them. The fact that she did not admit responsibility by pleading not guilty, on the other hand, worked against her, he said.

The judge also noted that he had not taken into consideration all the losses generated by the fall of his company, but only part of those incurred by 10 investors, i.e. 121 million dollars.

The amount she will ultimately have to return to investors will be decided at a later date, the magistrate said.

Attorney Jeff Schenk argued in court that the sentence had to reflect the idea that the end does not justify the means. This is not punishment for Ms. Holmes' dream, but punishment for the decision to deceive investors, he insisted.

The young woman's lawyer, Kevin Downey, retorted that his client had never been motivated by greed: she could have become rich, but never sold goods. #x27;shares, using the money to build its technology. It poses minimal danger to society, he said.

Elizabeth Holmes founded Theranos in 2003, aged just 19, with the idea of make a blood diagnostic tool that is quick, painless and cheaper than those in traditional labs.

With the help of a well-crafted narrative and appearance, she had managed in a few years to gain the trust of luminaries and to raise funds from prestigious investors attracted by the profile of this young woman, a rarity in the male world of Californian engineers.

I thought it would be the next Apple, summarized during the trial Adam Rosendorff, who was once the director of the company's laboratory.

The story was beautiful. As a child, she hated injections. So she wanted to invent a machine that would perform hundreds of blood diagnoses from a single drop of blood, taken from the tip of a finger.

The Tycoon Rupert Murdoch, former Secretary of State Henry Kissinger and Jim Mattis, Donald Trump's Defense Secretary, were once convinced by Elizabeth Holmes' plan.

< p class="e-p">At its peak, the company was valued at nearly $10 billion.

But in 2015, the scandal came to light when the Wall Street Journal revealed that the machine had never worked.

Ramesh Sunny Balwani, the former companion of ;Elizabeth Holmes, COO of Theranos, was tried separately and was also found guilty of fraud. His sentence is due on December 7.

Previous Article
Next Article