Elizabeth Holmes charged in corruption Scandal.
COMMUNITY
On four counts of criminal fraud for deceiving investors, Elizabeth Holmes, founder of the now-defunct blood-testing startup Theranos, has been sentenced to prison.
According to the Wall Street Journal, U.S. District Judge Edward Davilato gave Holmes a sentence of 11 years and three months in federal prison on Friday.Davilato took over Holmes' criminal trial, which lasted for months.
Holmes was found guilty in January of four of 11 counts of defrauding the company's investors and patients by lying about how accurate the technology was.
For each charge, Holmes faced up to 20 years in prison, a $250,000 fine and restitution, for a total of $1 million in fines and nearly $804 million in restitution.In the meantime, Holmes's legal team requested house arrest for 18 months to make up for the four counts of criminal fraud.
According to CNN, Senator Cory Evans stated, "I still believe that she holds onto the hope that she can make contributions to the lives of others, and that she can, despite mistakes, make the world a better place."
Theranos, which Holmes founded when she dropped out of Standford University at the age of 19, was once valued at $9 billion. However, investors were misled, and the company was eventually sold.Holmes made a false claim that Theranos could use just a few drops of blood to diagnose hundreds of diseases.
On Friday, Holmes read a statement in her own name in court.
I have been wanting to say so much.I want to express my gratitude to the court for treating me with respect.She stated, "I stand before you taking responsibility for Theranos."Theranos was my life's work, and I loved it.I was extremely grateful to my team.They put in a lot of effort.I have been deeply hurting for the suffering others endured because I failed them every day.I'm deeply sorry.I put in everything I had to build our business and try to save it.There are so many things I would have done differently in retrospect.
