Elizabeth Holmes sentenced to 11 years in prison for her Theranos fraud
Photo by Kimberly White/Getty Images for FortuneThe former billionaire has been convicted and sentenced after it was revealed that her blood-testing company hadn’t achieved the breakthroughs it claimed. Continue reading…
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The former billionaire has been convicted and sentenced after it was revealed that her blood-testing company hadn’t achieved the breakthroughs it claimed.
By Verge Staff
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Photo by Kimberly White/Getty Images for Fortune
Elizabeth Holmes, the founder, and CEO of disgraced blood-testing company Theranos, has been found guilty on three counts of wire fraud, as well as a count of conspiracy to commit fraud along with her co-founder Sunny Balwani. On November 18th, she was sentenced to 135 months, or about 11 and a half years, in prison for defrauding 10 victims out of $121 million.
Theranos was valued as high as $9 billion, and Holmes was a darling of Silicon Valley, sporting black turtlenecks that prompted comparisons to Steve Jobs.
Until John Carreyrou’s exposé was published in The Wall Street Journal. In that article, Carreyrou wrote that Theranos was using its own device for only a handful of tests and that other employees were concerned that the device wasn’t accurate.
Elizabeth Holmes's bid for a retrial has been denied.
As reported by the Wall Street Journal and New York Times, the Theranos co-founder’s sentencing is now scheduled for November 18th.
Holmes was found guilty on three counts of wire fraud, and one count of conspiracy to commit fraud. Each count carries a maximum sentence of up to 20 years in prison.
