Holmes Finally Sentenced in Theranos Fraud Case
(DailyVantage.com) – Medical advances and discoveries happen all the time thanks to the tireless work of researchers. When Theranos launched in 2003, it promised a revolutionary idea. Forget the needles; just a few drops of blood could detect serious diseases like diabetes and cancer. The company, and its founder Elizabeth Holmes, quickly grew, and in 2014, the company had a valuation of $9 billion. But just a year later, it all came to a head. Holmes found herself in the midst of a criminal trial and then convicted of defrauding her investors. Now, a judge has sentenced her.
On Friday, November 18, US District Judge Edward Davila sentenced Holmes to 11.25 years in prison, just short of the 15 years the prosecution sought. The punishment is far from the 18 months her legal team asked for, yet significantly less than the 80 years she could’ve faced.
Holmes has 14 days to appeal, which her attorneys are doing. They’re also trying to secure her release on bail while she’s appealing.
Breaking News: Elizabeth Holmes, the founder of Theranos, was sentenced to more than 11 years in prison for defrauding investors. https://t.co/UE38yNI0YY
— The New York Times (@nytimes) November 18, 2022
Judge Davila also ordered Holmes, currently pregnant with her second child, to surrender the baby on April 27, 2023, after they both recover from the birth.
Prosecutors also tried and convicted Ramesh Balwani, a man involved professionally and personally with Holmes. A court found him guilty of 12 fraud charges, as opposed to Holmes’ four. He faces sentencing next month.
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